How to buy a home from parents for cost of loan?My mother is looking to downsize and wants to sell me her home for what she owes $355,000. The value of the home is $500,000. I have read that the $150,000 can be considered as the down payment if she gifts me the equity of the home. Is this accurate? Also, how does a gift of equity work? Would she be liable for tax on $150,000? She lives on a fixed income and I do not want her to have a huge tax bill.Thanks July 15 2013 - San Jose00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.