you will be subject to gift tax for the difference between the FMV and the sale price. As it stands now, gift tax in US has the same exemption amount as estate tax. So you don't save a penny, unfortunately. Note: FMV is Fair Market Value.
By selling the house for below the FMV
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• Thanks for your reply ---Z--- ♂ (108 bytes) () 02/11/2011 postreply 07:20:36