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A Gift in and of itself has no income tax implications
Several points to consider in regard to giving money to a child or grandchild or anyone else.
What you mean by a "Gift of Equity" is that
Remember that in 2018, you and your spouse (two people) can give without Gift Tax (Form 709) requirements a total of $15,000 per recipient per donor. That means, the total excludable gift as it would be reported on Form 709 the amount of 2*2*$15,000 or $60,000. Form 709 will be required if the total gift exceeded this amount, and then you must also report as excludable the $60,000 - not as liable for Gift Tax but the form requires reporting of excluded amounts.
i sold the house for less than fair market value by gifting the equity
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