Gift of Equity
Please Help me with your advise:
According to the most recent government appraisal my house is worth 235K. I will be selling it to a friend who have not money for a down payment. I want to give him a give of equity of 50K which should be used as a downpayment. What are the tax implications for me? How and in what part of my 1040 I reflect this gift of equity? 
Gifts (whether money or property) are reflected on Form 709, Gift Tax Return.
Refer to Form 709, 709 Instructions and IRS Publication 950 for details.