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Old 03-12-2008, 02:03 PM
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Default Gift of equity
My son is currently in the process of buying one of my houses. Due to his credit mistakes the way the mortgage company has it set up is the purchase value is 272,000, Loan amount will be 160,000, and I would give 112,000 as a gift of equity. My question is, will this hurt me in taxes at the end of the year or would I be ok? Please help as I never sold a house before.

Mike
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Old 03-12-2008, 02:21 PM
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Your question is one for a tax professional. There is a gift limit on an annual basis, but I'm not sure what it is.

A 5 minute call to a CPA would answer your question.
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