Real Estate Tax Advice - Selling Home

[Gabrielle Klatt]

Hello BG community,

I'm very new to real estate so please go easy on me :)

I am currently trying to sell/gift my home to my parents (I do not wish to make any profits from this sale, nor do I wish to lose anything). The goal is to free up my VA loan with this sale so I can use it to purchase other homes in the state I am currently located and gift this home to my family.

The question: I want to know if I should sell the home a little over what is still owed on the current loan and do a seller credit for the closing costs. Or, do I sell for market value and do a gift of equity to cover the closing costs for them?

I am looking for an option that does not negatively affect me in regards to taxes or otherwise. This is supposed to be a family courtesy, but I am worried I will be negatively impacted.

My lender recommended I get in touch with a real estate attorney, but I don't currently work with one so I would happy to receive a referral to someone.

Thanks for the help :)