Posted on: 12th Sep, 2009 07:18 am
I am a 23 year old college graduate. I have been employed for one year by a major insurance company. My job is secure.
My mother is selling me her condo for $50K. It has been appraised for $175K. She would like to Gift of Equity $125K.
She and her husband's combined income is less than $75K.
What are the tax implications for such a transaction?
My mother is selling me her condo for $50K. It has been appraised for $175K. She would like to Gift of Equity $125K.
She and her husband's combined income is less than $75K.
What are the tax implications for such a transaction?
check this
http://www.mortgagefit.com/inprocess/about6546.html
http://www.mortgagefit.com/homebuying/equity-gift.html
http://www.mortgagefit.com/inprocess/about6546.html
http://www.mortgagefit.com/homebuying/equity-gift.html
Hi mccarthy,
As your mother is paying the gift of equity to you, she would be held responsible for the gift taxes. However, there are gift tax exemptions and you can get to know about it from the following page:
http://www.mortgagefit.com/gift.html#111114
As your mother is paying the gift of equity to you, she would be held responsible for the gift taxes. However, there are gift tax exemptions and you can get to know about it from the following page:
http://www.mortgagefit.com/gift.html#111114