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ProSeries TaxExperience: 11 years
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1
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California
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1) So from what I understand there is no standard method to report Gift of Equity on a home sale and you have to adjust the number and either IRS accepts it or ...
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So was I correct in my thinking that the seller has a cost basis of $150k + $170k Gift of Equity Addition to Basis = $320k Overall Cost Basis?@TaxGuyBillsaid : ...
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@TaxGuyBillThis sounds different from what@sjrcpamentioned.Seller bought house for $150k1099-S states home sold for $430kGift of equity $170kIs the seller's cos...
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Does that mean if the sale is for $430k and Equity Gift is $170k the buyer's basis when they sell would be $260k?
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So the seller still has to pay tax on their full gains (minus any exclusion) and when the new owner sells they have to reduce their cost basis by the gift of eq...
