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Instead of gifting a home, if it is sold for a small ...

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Instead of gifting a home...
Instead of gifting a home, if it is sold for a small amount, (i.e. $1000), what tax liabilities are there for buyer and/ or seller?
Submitted: 9 years ago.Category: Tax
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Answered in 12 minutes by:
4/1/2008
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thank you for using Just Answer. How much is the house worth? Who did you sell the house to?
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Customer reply replied 9 years ago
Reply to Marvin,EA's Post: The home is in NC. Approx. 4 yrs. ago the value was about $180,000. I have not yet sold it, but want to help someone in need.
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago

You have a problem with the value of the house. If the house is worth $180,000 and you sell the house to someone for $10,000 the IRS could assessed a gift tax to you. One way to avoid this problem is to give the house to qualified organization in N.C. that will give the house to someone in need. Also, you can deduct the fair market value of the house on your tax return

Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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