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    #1

    gift of equity

    My client sold a home to a family member for $200,000. The bank used client's equity of $46000 as a gift. Seller only recieved the value of the outstanding mortgage. A form 1099S was issued for the full amount of the sale-$200,000. The seller, (my client) received no cash at closing. Question: how would you treat the gift of equity?
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    #2
    See TTB Forun 2-11-18 same....

    Originally posted by sdarave View Post
    My client sold a home to a family member for $200,000. The bank used client's equity of $46000 as a gift. Seller only recieved the value of the outstanding mortgage. A form 1099S was issued for the full amount of the sale-$200,000. The seller, (my client) received no cash at closing. Question: how would you treat the gift of equity?
    post title as your post title.

    Gift of Equity - TMI Message Board
    http://forum.thetaxbook.com/showthread.php?28271-Gift-of-Equity
    Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.
    Last edited by TAXNJ; 02-27-2018, 07:20 PM.
    Always cite your source for support to defend your opinion

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