I just compiled this list for my clients to help them with their flips and thought I would share with you. Here are twenty local contractors here in Louisville and Southern Indiana. They can help you flip or maintain ...

Hello, I have a single family home in Echo Park (Los Angeles, CA 90026) that I was gifted and is owned outright.

Hey all I just received a gift of $70,000.

., its sole member) be subject to any income/gift tax?  

Transfer the house from your mom to you and file a gift tax return.

I thought I'd run it past my CPA just to be sure nothing weird would happen or taxed.Sure enough, he said this would be coincided a taxable event and I would have to pay tax on the difference from the REO purchase price and the loan amount.In his opinion, this is a gift from the LLC and I would personally pay tax [at the highest rate] for the equity.I've been meaning to post this question but haven't had a chance.  

Regarding the "recapture" during the sale of the Section 179 purchased vehicle, I read the vehicle could be gifted after a period of two years.  

So I contract for $50k, they submit contract and gift letter to lender.

Is this 15k a loan or a gift?

If the deal actually works out you can always give him a gift for giving you the lead.