btkean92
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Another expert mentioned that the equity used as down payment of 34K can be considered part of her cost basis?
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We are in this now too. Appraised 170K. Sale price 150K (30K of the equity was used as our down payment so our loan was only 120K). She orig bought home for 137...
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Ok in that case we just bought home from my mom that we have been living in. 150k was purchase price but total cost was 153k Appraised at 170k (not sure if rele...
Activity Feed for btkean92
- Posted Re: Gift of Equity and Capital Gains on home between Family on Get your taxes done using TurboTax. February 10, 2021 11:31 AM
- Posted I do taxes for family. I bought home from inlaw, they have sale & gift of equity, then my son lost money in stocks - decent amount - so what version would be best to use? on Deductions & credits. February 3, 2021 11:57 AM
- Posted Gift of Equity and Capital Gains on home between Family on Get your taxes done using TurboTax. February 3, 2021 7:46 AM
- Posted Re: Do my parents pay any taxes on a gift of equity for a house I am buying from them for less than the appraised amount? on Get your taxes done using TurboTax. February 3, 2021 7:42 AM
- Posted Re: Can we use the gift of equity to minimize the impact of the capital gain on a home? on Get your taxes done using TurboTax. March 3, 2020 6:56 AM