Posted by JHyre in Ohio on April 23, 2002 at 07:12:48:
I would probably treat the note as the full sales price OR have them formally gift the euqity over 3 years to get them the annual $10k gift tax exclusion.
John Hyre
Tax issues with gift equity? - Posted by JR
Posted by JR on April 22, 2002 at 14:29:47:
Just wondering; if a relative gave me a partial ($30K) equity gift in the residence I have lived in for the past three years (this house was only an investment for them, owned free and clear) and then took back a note for the balance of 150K @ 6% over 30yrs would there be any tax problem for either parties?