Gift Of Equity Contract Example With Loan In Miami-Dade
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For example, if you own a home worth $300,000 and sell it to a family member for $200,000, they've received a gift of equity of $100,000. A gift of equity can occur if a home is given away for no compensation or if a discount is offered on its value.
Gifts of equity, like other gifts, aren't taxable to the recipient. The seller might have to file a gift return. They're allowed to give $15,000 per person each year without having to file a gift return. So, if the gift of equity they gave you is less than $30,000, they don't have to file the return.
Gift tax: A gift of equity could trigger the gift tax, so the seller should follow Internal Revenue Service gift guidelines. For 2024, a married couple can give up to $36,000, and a single person up to $18,000 to an individual per year without being subject to the gift tax.