<prompt> Human: Im 25, and I live with my parents. They recently did paperwork to put the deed of the home in my name. Will this count as income? Will I have to pay taxes on it?Second part: My parents still have a mortgage on the house, about 25,000 left. Will this be a problem? Should the mortgage be paid off asap?  <response>: They should file a gift tax return. Consider getting the house appraised. . No taxes will be due but it will go against their lifetime gifting limit. 