What are the tax pitfalls if I buy a Florida property from my parents?

I am in my 30s and renting but my parents could sell me their second home at below market value

Q I’m in my early to mid-30s and living in a situation like most people of my age, renting shared accommodation in the south. However, unlike a lot of other people, I’m in the lucky position of my parents owning a second home in Florida.

They’ve talked about leaving it to me when they are no longer around but we’ve also talked about selling to me at less than market value and hoping they didn’t pass away in the next seven years to reduce inheritance tax.

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from Property | The Guardian https://ift.tt/3eoH4WP
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