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I gave my son my 2002 home in 2017. The mortgage co. issued a loan to him. We signed all the docs at the title company. No money passed hands. Is this considered a sale ?
Please remember no money passed hands. All docs. were signed and stamped.
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I gave my son my 2002 home in 2017. The mortgage co. issued a loan to him. We signed all the docs at the title company. No money passed hands. Is this considered a sale ?
This would be considered a gift to your son.
A gift of over $14,000 (does not have to be cash, can be a home) in 2017, requires a Gift tax return.
A gift return can be filed (without having to pay tax) using up part of the Estate tax exemption.
I would consult with an Estate tax expert.
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I gave my son my 2002 home in 2017. The mortgage co. issued a loan to him. We signed all the docs at the title company. No money passed hands. Is this considered a sale ?
This would be considered a gift to your son.
A gift of over $14,000 (does not have to be cash, can be a home) in 2017, requires a Gift tax return.
A gift return can be filed (without having to pay tax) using up part of the Estate tax exemption.
I would consult with an Estate tax expert.