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I own a house in my name only but am currently married. Can I gift equity to my stepson and daughter in law (my husband's son)?
The house is appraised at $285,000 and I want to sell to them at $255,000, for a gift of equity of $30,000. The house will be their primary residence.
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I own a house in my name only but am currently married. Can I gift equity to my stepson and daughter in law (my husband's son)?
Yes, you can make this gift of equity.
Gifts are not taxable for the recipients and not deductible for the giver.
As you are making the gift to a couple ($15.000 each), you would not have to file a gift tax return either. The gift exclusion for 2018 is $15,000 per recipient.
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I own a house in my name only but am currently married. Can I gift equity to my stepson and daughter in law (my husband's son)?
Yes, you can make this gift of equity.
Gifts are not taxable for the recipients and not deductible for the giver.
As you are making the gift to a couple ($15.000 each), you would not have to file a gift tax return either. The gift exclusion for 2018 is $15,000 per recipient.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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I own a house in my name only but am currently married. Can I gift equity to my stepson and daughter in law (my husband's son)?
Thanks so much for the quick response!