My mother owns the condo I have rented for the past 12 years. Mom wants to quit claim the condo over to me, after paying off the remaining $54,000 mortgage. I will then get a home equity loan or home equity line of credit for $54,000 and give it back to Mom. The problem we are having is how much my sibling should get, as Mom likes to keep her estate in such a way so as everything is equal between us two kids. The purchase price was roughly $84,000 with a down payment of 10%. The estimated fair market value today is approximately $180,000. If I get the condo, what would be a fair amount of money for Mom to give my sibling? Help!!!!!!!!!!!

I'd definately talk to your accountant, or your mom's. the tax ramifications could put you all in a situation. regarding "arms length transaction", "deeding a property" having siblings' interest in the property.

The accountant would best advise you how to transfer, payment of, and keep the tax man from knocking on your door.

yes, get an accountant.