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The down payment was $45K which I paid in 2019. My understanding based on earlier replies is that in a joint tenancy (in this instance between me and my daughter) that my daughter should have filed a 709 in 2019 claiming half the down payment ($22,500) as a gift to me. If I gifted my interest (equity) in the home to her through a quitclaim, I would claim 50% of difference between FMV and the purchase price as the gift. Is this correct?
‎January 17, 2022
10:39 AM