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Investors & landlords
Be aware that, if you sell the property to a family member at a price below its fair market value, you will have given them a "gift of equity", which may require you to file a gift tax return. "Gift of equity" is explained in this web reference:
https://www.investopedia.com/terms/g/gift_of_equity.asp
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎November 8, 2020
7:52 AM