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Deductions & credits
Thank you. We sold a home to our son and his family for their personal residence. The sale price of the home was market value because we gave him a gift of equity. Can the gift of equity be an expense of selling the home so that we do not have a gain? And, of course, we will also fill our the For 709 Gift Return.
And when he sells the home, do you know if his basis be less the gift of equity?
And when he sells the home, do you know if his basis be less the gift of equity?
‎June 5, 2019
4:26 PM