selling real estate to family below market value

If you sell the asset to a family member for less than its fair market value, that constitutes a bargain sale. From a tax perspective, if you sell for less than the property’s fair market value, the difference between the value and your selling price is treated as a gift.

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Selling home to family member under market value Hello, I may decide to sell my home to my son about $300,000 below market value. He would pay me in cash for the price I have in mind, but the price is $300,000 off the fair market value today.

selling a house below market value to a family member. Asked by Mary, Alexandria, VA Mon Oct 5, 2009. I would like to sell a property I own to my son. The house is worth around 790,000 and I would sell to him for $617,000 which is what I owe on the mortgage. Can I do that? He would get his own mortgage and we would

What is fair market value? Whether you’re buying or selling a home, one question that’s always front and center is the price: How much is a home worth? That’s a tricky question to answer, but.

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If you’re wondering how to sell a house to a family member, first, a bit of congratulations are in order. You’ve found a buyer! The most strenuous part of the home-selling process is already over.

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Will the tax rate be based on the sale price or what the gov’t believes is the current market value of the home? Is it legal to sell a home materially below market price to a family member? The goal is to transfer the title of a home from myself to a sibling without having to deal with gift taxes, higher real estate taxes, etc.