How much will I be taxed on gift equity of $38,000?

Jun 16, 2007 by jlmblack | Posted in United States

My dad is gifting me $38,000 in equity on the house he is selling me. Is there a way I can figure out how much I will be taxed on this gift? (Besides consulting a tax pro)

You will not be taxed on the gift. Your father should file Form 709 to record the gift and have the gift subtracted from his lifetime exclusion of $1 million. Unless he has lifetime gifts of more than $1 million, he will not owe gift tax even though

ninasgramma | Jun 16, 2007

You will not be taxed on the gift. Your father should file Form 709 to record the gift and have the gift subtracted from his lifetime exclusion of $1 million. Unless he has lifetime gifts of more than $1 million, he will not owe gift tax even though
ninasgramma | Jun 16, 2007

Gift of Equity - do I need to fill out a Gift tax Return?

Mar 19, 2007 by Charlie Brown | Posted in United States

OK, my parents house was in foreclosure, so I bought it and got a mortgage on it. After a year and a half, they bought it back from me. Part of my sale to them was a "gift of equity" of about $48,000, so that they could obtain a mortgage.

Since your gift was more than $12,000 to each of them, a Gift Tax return is required. The lifetime exclusion amount is $1,000,000 on gifts, not $2,000,000 as it is on estate taxes although it does reduce your estate tax exemption and may have tax consequences

Bostonian In MO | Mar 19, 2007

Buying a house from Ma and Pat Kettle?

Get a gift of equity for your downpayment. Must be from a family member. Loanstar Mortgage 1(800)354-6988 ext 26 This episode dedicated to Pat ...

'I've done my part', • Helping to revive a once booming working-class ...

18.05.12

ATLANTA — When I bought a home out of foreclosure in 2009, it took more than 1,000 hours from beginning to end.

I visited properties, looked up county tax records and considered neighborhoods while researching comparable home values. I assembled a team that included two tenacious real estate professionals; a first-rate contractor; a mortgage broker to help navigate the tangle of Federal Housing Administration, IRS and city and county regulations; as well as my parents.

To anyone driving by, my home is a modest bungalow in Edgewood, a working-class neighborhood about two miles east of downtown Atlanta. To me, it is a labor of love in a community I consider my adopted home.

Source: Bend Bulletin

gift of equity - Bookshelf


The Albany law journal, a monthly record of the law and the lawyers The Albany law journal, a monthly record of the law and the lawyers

Language Arts & Disciplines - 1896
To make a valid gift in the absence of the deed, it is necessary that the possession pass to the donee. ... but it is well settled that a court of equity will not carry out an unexecuted gift of the legal title on the theory of a ...
A treatise of equity A treatise of equity

Creator: Henry Ballow | 1793
And if a wise charge her estate with payment of her husband's debts, or apply her separate estate to such purpofe, and it does not appear to have been intended by her as a gift to her husband, equity will decree the husband's assets to ...
Commentaries on equity jurisprudence
1093 pages 		Commentaries on equity jurisprudence

Creator: Joseph Story | Law - 2006-01-30
The propriety of this doctrine of courts of equity, in regard to both points, admits of a most ample vindication, ... The devise to the stranger, rendered void as a gift of the specific subject, is effectuated as a gift of value, ...
Publisher: Lawbook Exchange

Gift of Equity – do I need to fill out a Gift tax Return ...

by admin

OK, my parents house was in foreclosure, so I bought it and got a mortgage on it. After a year and a half, they bought it back from me. Part of my sale to them was a "gift of equity" of about ,000, so that they could obtain a mortgage. Do I need to report this "gift of equity", and if so how? From what I’ve read, it appears I need to file a gift tax return, but (since this is my first gift, I’m...

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gift of equity - direct hard money lender - EquityLoanInNews.com

"The Faith of Barack Obama"
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>In this updated and revised book, Stephen Mansfield again dives into the controversial faith of President Obama. > >"You must read this perceptive and well written book. With two new chapters devoted to the first two years of this historical presidency, Mansfield continues his exploration into...

gift of equity - News


The gifting doctrine post-DBSD North Am., Inc.
Lexology (registration) - May 26, 2011
First, a senior creditor could gift a distribution to junior creditors or old equity over creditors of intervening priority. Second, a senior creditor could make a gift to a favored subset of junior creditors, without skipping over an intervening class

Let the Crowd Buy Equity in Private Companies
BusinessWeek - May 03, 2011
Even if the entrepreneurs seeking to raise money by soliciting others online don't care if the money they obtain is a gift, a loan, or an equity investment, those distinctions matter to the SEC. Now the SEC is considering making regulatory changes that

Ex-staff sue over gift card carcass
Chattanooga Times Free Press - May 27, 2011
“The loss of equity value is a great personal disappointment and will affect my professional career as well,” he said. Kardwell, along with his co-manager, Rob Chaplinsky of co-investor Bridgescale Partners, formed the entire “board of managers for the

Cracker Barrel, DeVry, FPIC, Mecox Lane, Tele Norte: US Equity Movers
Bloomberg - May 24, 2011
The operator of restaurants and gift shops cut its full-year forecast, saying it now expects to earn $3.90 a share at most. Analysts, on average, estimated profit of $4.09 a share, according to a survey. DSW Inc. (DSW) rallied 15 percent to

SunPower Gets Gift As Total Prepares To Overpay By $6 Per Share
Forbes (blog) - May 09, 2011
SunPower recently announced that the Total Group would be launching a friendly tender offer to buy 60% of the solar industry giant's outstanding class A and class B equity shares. [1] SunPower manufactures and distributes silicon-based solar cells and

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