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Get your taxes done using TurboTax
@MKhoury08 No, if you listed it as a selling expense, someone would have had to charge you that fee and claimed that fee as income on their return.
If making a 'gift of equity' to reduce Capital Gain on the sale of a home (that doesn't qualify for the home sale exclusion), just report the sale price as the amount after the gift is deducted.
If you received a 1099-S, you will have to report the Sale Price as shown. If the home is being sold to a family member, what ever amount is on the 1099-S is both your sale amount and your basis for form 8949, as you want the gain/loss to show as 0.
The Gift of Equity is not reported anywhere on your tax return.
Click this link for more info on Gifting Home Equity.
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‎April 1, 2021
7:11 PM