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    RELATED PARTY SALE.

    michele
    Level 7
    ‎09-17-2024 07:18 PM

    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

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    2 Comments 2
    sjrcpa
    Level 15
    ‎09-17-2024 07:31 PM

    It's part sale and part gift.

    The more I know, the more I don't know.
    Reply
    qbteachmt
    Level 15
    ‎09-18-2024 11:24 AM

    Look into "gift of equity."

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