Posted by JHyre in Ohio on April 03, 2002 at 05:52:27:
You could have him gift it to you…that may cause immediate or eventual gift tax liability for him…you get the property at his low basis, with no gain. He could gift it over time, avoiding income tax and gift/estate tax implications. Taking it subject to a loan that he placed on the property would get you a basis equal to the loan, though that would create gain for him. No comment on IRA.