Does the giver of the gift of equity pay taxes?
Does the giver of the gift of equity pay taxes?
My father and cousin are the executers of my other recently deceased cousins estate. The home will is available for purchase and they are discussing giving me a gift of equity as a down payment. Are they liable for taxes on this gift? or am I?
The numbers:
Purchase price: 268750
20% equity Gift: 53750
Mortgage amount: 215000
Please and thanks!
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