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Updated over 5 years ago on . Most recent reply

Jason Switherspoon's profile image
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Jason Switherspoon
  • Member since Aug 23, 2019
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Jason Switherspoon's profile image
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Jason Switherspoon
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Jason Switherspoon
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Buying & Selling Real Estate

Do I have to pay gift tax on a discounted house?

Jason Switherspoon
Posted

My cousin had her house appraised for $275k. She is going to sell it to me for $235k. Are there tax implications that I will have to face as a result of the discount?

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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
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  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks's profile image
Wayne Brooks's profile image
Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Just buy it.....no need for any gift issues here. 

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