Hello,
I have a client selling his investment property to his son. The son actually rents the property currently. The dad purchased it for $75,000 and currently owes $80,000, the sons loan amount will be $210,000, The sale price and appraised value will be $300,000 and the dad will net $120,000. Will the Dad be required to pay capital gains or a gift tax in CA?
Thanks.
