Unfortunately nothing too specific as I was asking the question for someone else I know. But I can tell you that their accountant got it done, meaning, they were able to make an adjustment to lower the sale price of the home based on the gift of equity. I will tell you though, it was a struggle. Even people who do this professionally are incredibly either ignorant about this, or just stuck in their ways. There is legal precedent set for tax code being interpreted this way, yet the majority of accountants, and tax lawyers won’t want to agree with you, or won’t engage you on this. It’s probably easier and cheaper to just file it yourself. There are probably more correct and less correct ways of lowering the sale price of your home based on a gift of equity, but it’s more important I think to know that it can be done and it is 100% legal todo so. I went through hell to find an accountant who specializes in real estate who actually knows wtf he’s doing to confirm my interpretation was correct. Unfortunately my friend couldn’t use him because he wasn’t taking in anymore clients, but he found someone on his own. So just know know that if you are needing someone to file your taxes for you, there exist people who know how todo it properly and save you a ton of money.
