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.
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
usera2ebaf25
New Member
jl_brooks
Level 1
alex868391
New Member
caresanchez4
Returning Member
crystaloconnor10
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.