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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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What are the tax implications for a gift of equity on a home

Customer Question

What are the tax implications for a gift of equity on a home sale?
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.

Customer:

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Customer:

A gift of equity is just like any other gift.

Customer:

If over $14,000 you will need to file a gift tax return

Customer:

However, no gift tax is due unless the giver of the gift has given away more than $5.2 million during their lifetime

Customer:

Is there anything else I can assist you with today? If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Expert:  Megan C replied 3 years ago.

Thanks, XXXXX XXXXX the opportunity to assist. I see we were having questions with live chat. If you would, please review my response. If satisifed, rate my response as "excellent" so that I may receive credit for assisting you today. If you have further questions, please reply below.

Expert:  Megan C replied 3 years ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer

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