Deductions & credits


@curiousminds wrote:

We all agree that a seller should not be paying capital gains tax on their gift of equity correct? 


Yes.

 


@curiousminds wrote:

Does it go into selling costs?


No. From the perspective of the transferor (donor) the amount of the gift is disregarded. A gift tax return (Form 709) is required to be filed if the annual exclusion is exceeded.