[quote=Mooki]Thanks everyone! I have to rethink it through. At this point, getting a new appraisal, a new realtor, and trying to sell ASAP seems to be the best.
Since mom and I have an agreement (not written) that the money I sent her over the years are loans, I have been keeping good record of every checks I sent her and every bill I paid for her. When the house is able to sell, she will pay me back that $25K as much as possible. With the checks to show that the money was loaned to her in the first place, her repayment to me should not be considered as gift. If the government is to tax on children helping their elderly parents because social security and Medicare suck, there is something wrong with this country (or am I stating the obvious?).[/quote]
There is something wrong with this country, but not specifically in your case…..
