Hi Community,
How are you? A question.
My daughter wants to sell me her primary home for $600,000 in cash while her property value worth $850,000. She sells me a low price because she knows that's all I can afford in cash. She has no desire to sell it to anyone else because she wants her kids live near her grandma (i.e. me).
Anyhow, my daughter will use a portion of the $600,000 to pay down her current mortgage first, then take the remainder plus her own saving to buy a larger house (worth $1.3M) next door to suit her family needs.
Is there any tax implication on both sides we need to be aware of or concerned?
I look forward to hearing your advice and the knowledge very much.
Thank you.
