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mccarthy149 · Joined: 12 Sep 2009 Posts: 1 1.37 Dollars($)

I am a 23 year old college graduate. I have been employed for one year by a major insurance company. My job is secure.

My mother is selling me her condo for $50K. It has been appraised for $175K. She would like to Gift of Equity $125K.

She and her husband's combined income is less than $75K.

What are the tax implications for such a transaction?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

check this

http://www.mortgagefit.com/inprocess/about6546.html

http://www.mortgagefit.com/homebuying/equity-gift.html

adonis · Posted: Sun Sep 13, 2009 9:53 pm Post subject:

Hi mccarthy,

As your mother is paying the gift of equity to you, she would be held responsible for the gift taxes. However, there are gift tax exemptions and you can get to know about it from the following page:
http://www.mortgagefit.com/gift.html#111114

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Gift of Equity - Tax Ramifications