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michele
Level 6
September 18, 2024
Question

RELATED PARTY SALE.

  • September 18, 2024
  • 2 replies
  • 11 views

Client wants to sale her home for $50,000  has a market value of $350,000. She actually has $56,000 in it.  Can I get by with just doing a gift tax return on this or with it being a related party should she be owing.

 

thx

Michele

This topic has been closed for replies.

2 replies

sjrcpa
sjrcpa
Level 15
September 18, 2024

It's part sale and part gift.

The more I know the more I don’t know.
    qbteachmt
    qbteachmt
    Level 15
    September 18, 2024

    Look into "gift of equity."

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