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My son Just assumed my mgt. for 193,000 and I executed a quick claim deed what are the tax issues for me on the equity in the home which is approximately $35,000?
The home's cost was $220,000, homes in the area are selling for $235 K to 240 K.
What forms if any do I have to file for my 2017 return?
What is my son's cost basis?
Is there a gift tax involved with equity?
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‎June 5, 2019
3:20 PM