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Reply to "Selling property tax question"
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[quote=Anonymous][quote=Anonymous]Hi everyone, I have a tax question on real estate. I have taken depreciation on my house for the past years (like ~17 or so) and have decided to sell it to my son last year. If it was sold at a $1 to him. What are the tax implications? Do I have to pay like ~$200k to the government because I took the depreciation benefit over the years? The house is only worth $500k in its value. I don't even have that money to give to the government since I only sold it at $1.[/quote] There will not be any gift tax.[/quote]
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