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Reply to "Selling property tax question"
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[quote=Anonymous]There are kinds of tax implications in this transaction. No gift tax will be owed, but you will have to file a gift tax return disclosing the value of the gift. You will have calculate the value of the depreciation and pay a 25% recapture tax on it yourself. Selling the home for an artificially low price, if it's even allowed, may also expose you to a capital gains tax on the home. If you are single, the exclusion is only $250,000, and if you're not vacating the home, it could look very much like an artificial transaction. More importantly, you are kind of screwing your son from a tax standpoint down the road. Not only would his tax basis be artificially low, he'd be better off inheriting property than being given it.[/quote]
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