Tax Planning with Non-taxable income

[infoserv]

My disability income is tax free and will continue until I die. What other things must I be concerned with? My father is giving me our house when mom and dad go, is there some type of tax that I will have to pay because of that? I am actually buying it from him.

[Michael]

If you are buying it from them then there should not be any tax implication as it is a sale. Depending on their resident state and the value of the house your parents could possibly incur an income tax hit.

If you don't buy it while they are living and inherit the home then it all depends on their estate size and when the house passes to you (when both your parents pass away?). Their estate could be hit with the estate tax.

If you don't mind passing along a little more info regarding the issues discussed above i could probably give you a clearer answer.