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Can we use the gift of equity to minimize the impact of the capital gain on a home?
We purchased a home for our daughter and her family. Now that their credit is fixed, they want to purchase the home from us. We will be facing a capital gains tax of approximately $28,000. We want to eliminate this gain by a gift of equity $14,000 from me and $14,000 from my wife. Is this possible and how is this reported on our Tax Returns?
‎June 4, 2019
2:33 PM