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Deductions & credits
So if my dad sells me his second home for his mortgage payoff of 180k and gifts me the equity of 40k for my closing costs, down-payment, etc.. Will he have to pay capital gains tax on the 40k since that is what the sale price shows? He isn't actually getting the 40k it's the equity gift; he only received the amount to pay off his mortgage
May 31, 2019
5:44 PM
22,777 Views