Gift Equity Tax
I am currently buying a home from my Father, he is selling it to me for 279k(Purchase Price) and the home is free & clear with no mortgage leins, the current market value is 550K, we are doing a "Gift Equity Purchase", I am doing a loan on the home for 150k(of the loan amount,I am giving him 80k,25k to his lawyer and 25k for medical bills, the rest for my closing costs), the "Gift Equity " difference is about 128k (loan amount/purchase price), would my father be taxed on either the "Gift Equity"of 128k or the 80k which he is recieving?
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