Hello:
My father bought the house that I am living right now, and have been living for the past 2+ years. It was intend to be my house, however because morgage reasons I wasn't able to get on the deed from the very beginning, and since then the rate has raised considerably. My father want to transfer this house over to me as fast as possible, so he has paid the house in full and want to transfer the house to me.
I am worry about any associated tax involved. The house is valued at little over 200K. And the money paid, although is from my father is indirectly coming from me. How to do this so I don't get charge with large amount of tax in either form of federal or local tax?

Sincerely Yours

I suggest you speak to an attorney regarding what legal options you have for transferring the house into your name and the tax implications of those various options. There may be some estate planning options that might help with the tax, I'm not sure. You can find an estate planning attorney through the locator service on LawInfo's home page at: http://www.lawinfo.com/. Some do offer free consultations.