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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.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎October 2, 2023
8:12 AM