@Anonymous_ wrote:
As a final thought, I really do not understand exactly what you do not, apparently, comprehend about the applicable treasury regulation as it is rather clear cut.
Read Section 1.1001-1(e); you are the transferor and Example 1 appears to be precisely on point.
See https://www.law.cornell.edu/cfr/text/26/1.1001-1
Well first you need to understand that there isn't a single CPA on the planet that would agree with you, and if there is I would love to meet them so I could put this whole thing in the rearview. Then you need to ask yourself why that might be, try to prove yourself wrong maybe? I've already been on both sides, I'm not sure how objective you've tried to be here.
Example 1 is almost on point except in my case the house is being sold at fair market value, which is 200k according to Quicken. 30k is being gifted except that it just becomes the downpayment on 200k. Do you see the difference?
