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Deductions & credits
And if you are selling for $25K under fair market value that you could sell it for then that $25k would probably be a gift of equity which might require a form 709 gift tax return since it is over the $14K limit for a gift.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 3, 2019
10:58 AM