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We are selling our 2 family home to our son, and future wife

Customer Question
We are selling our 2...
We are selling our 2 family home to our son, Joe and future wife Chris to live there
Selling price $355,000 (FHA at 3.5%). Mortgage Broker proposes we offer a gift of $53,250
(to both) to be used as down payment. This will leave $11,750 to give them towards closing costs and net us $290,000, which we need to pay off old mortgage ($215,000) and use the rest to finish our retirement home,
Is there any tax liability for a gift of $53,250 from us to them in this sale??
Thanks
Captain Elliott M.M.N. (Ret) (###) ###-####cell ***@******.***
Submitted: 1 year ago.Category: Tax
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Answered in 5 minutes by:
8/18/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,887
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

If you gift more then $14000 to any one person in the tax year you must report that under Gift Tax laws. You can give $14000 and if married your spouse can give $14000 to the same person ($28000 in total).

As there are 2 of them in this gift that means between yourself and spouse you can give in total $56000 before you would have to report the gift.

In your situation there would not be a reporting requirement because your gift, $53,250 is less.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Please let me know if you need clarification

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