My wife and I made a gift of equity and sold our house to my son and daughter-in-law. We purchased the home for $612,000 and made $25,971 in improvements for a total of $637,971. At the time of dale the home was appraised at $850,000. We sold it to them for $750,000.
On Form 709 Schedule A Column (e) is the adjusted basis $637,971 or $750,000 ?
On Column 709 Schedule A Column (g) $750,000 or $850,000 ?
Do we need to report the gift donee's separately or since they are married can we just enter both their names together ?
Thank you
Rich
