TomD8
Level 15

Deductions & credits

"I'm selling my house to my spouse"

 

You should consult a local tax professional.  If you sell the home below its fair market value ("FMV"), you're giving the buyer a "gift of equity", which may require you to file a gift tax return.  Also, if you realize a capital gain from the transaction, you may be liable for a capital gains tax.

https://www.investopedia.com/terms/g/gift_of_equity.asp#:~:text=A%20gift%20of%20equity%20is,the%20ac....

**Answers are correct to the best of my ability but do not constitute tax or legal advice.