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Reply to "Is there going to be a spring market this year? "
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[quote=Anonymous][quote=Anonymous]Things have gotten ridiculously pricey in Arlington where we’re searching. We’re looking for a small condo for our just out of college kid up to 450K. We want a two bed so they can rent one room out if they want. It’s not looking too good so far[/quote] We looked into this and decided not to pull the trigger. My thinking was that if I buy the condo now and gift it to them later, the IRS treats it as a lifetime gift, and they inherit my original purchase price as their tax basis. When they eventually sell, that lower basis can translate into a much larger capital-gains tax than if the condo had been bought in their own name at today’s price—or inherited with a step-up later.[/quote]
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