need an tax accountant. I can ask a few Q's from

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CRX-YEM

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ok, well with getting into buying a house from my grandmother, we have some tax questions that need answering , if anyone here is an accountant or knows of someone that might give us some free advise please help

it has to do with gift of equity and what kind or amount of taxes might be due.
mmk thanks.
 
good point.


I guess I'm just shooting blanks here.

man I wish someone in my family was an accountant.
 
my ex gf brother is a cpa, but i odnt have his # or email addy anymore
 
the question is:
were are buying my grandmother home for $145,000 (the house has an appraised value of $187,000) so there are alot of things we can do right now.
if we inflate the selling price to $174,000 and she gives us a "gift of equity" for $29,000 I avoid having to put any money down and only have closing costs to worry about.

Now here's the problem I know that you are allowed to gift to anyone $11,000 a yr and the IRS doesn't bat an eye.

so my grandmother would then be infact giving me us $29,000 ($11,000 and my wife $11,000) there is $7,000 that the IRS is gonna wanna know about.

So is there an actually gift tax due on the $7,000 or is it covered under the lifetime maximum "unified credit"

also would I be considered a direct skip as I am a grandchild even tho I am purchasing the property vs her actually giving me the property, she's only giving me a part of it.
 
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