Equity Gift
My wife and I want to sell our house to my brother in-law. We agreed to sell it for $250,000 with a gift of $50,000 in equity for a downpayment to avoid PMI. I believe we can only give him $22,000 without paying a gift tax. Is that true? If so would we be liable for the taxes and is there anyway around it? :-? :-?
Thanks for the information, it really helped.