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    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?

    #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.

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    Last edited by TAXNJ; 02-27-2018, 07:20 PM.
    Always cite your source for support to defend your opinion

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