- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@clcRichard - this may get a little more complicated..... how is it that you "bought" the home from your parents for $82k and it is now worth $300K in under a year? I use the word "bought" in quotes as it was not an arms length transaction.
Was there an implied gift in the transaction with your parents? (which would be to your benefit if so)?
How was the $82k determined? was there an independent appraisal to determine the value at the time of transfer?
‎August 9, 2022
3:59 PM