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property buyout between mother and daughter
My daughter and I bought a house to use as a vacation rental March 2020. The first date of service was 6/15/2020. She bought me out effective 6/1/2021. My owner's equity was $63K and she paid me $113K due to the rapid appreciation of the property in the area. There is an option for gifting it to her but if we don't do it that way, how do I record this transaction in TT? We originally purchased the property for $490K and agreed the FMV at the time of buyout was $600K. Thanks for any help with this!
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‎February 20, 2022
3:46 PM