GeddyH
Returning Member

Sale of residence to adult children

I transferred the title of my principal residence to my son, and he agreed in writing to pay me a monthly amount plus interest until he reimburses me for the value of the home.  I sold it to him at FMV and at the current interest rate.  My question is since I already put the title in his name, would this still be considered an installment sale?  Or should I consider it a gift plus a personal loan?  Thanks.