Louisville, KY asked in Tax Law for Kentucky

Q: If I sell a house to my nephew with a quit claim deed is there any tax implications to myself or my nephew?

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1 Lawyer Answer

A: It depends on what you sell it for. If you sell for more than what you purchased it for plus any adjustments (adjusted basis) then you'll have capital gains. If you gift it you'll have a reporting requirement but likely no tax will be owed on the transaction. If you sell it for significantly less than fair market value you may have a partial sale partial gift and would need to report accordingly.

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