Technical topics regarding tax preparation.
23-Jun-2022 8:43am
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Taxpayer and spouse want to sell their primary residence to their son and take advantage of the IRC code sec 121 $500,000 exclusion of capital gain. As long as the residence is sold to the son at fair market value is section 121 allowed when it involves a related party.
23-Jun-2022 9:03am
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23-Jun-2022 9:15am
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Is related party or FMV even an issue?
Retired, no salvage value.
23-Jun-2022 9:49am
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In order to be a valid arm's length transaction, the sale to the related party should be at FMV?
If the sale to the son is at a value less then FMV does that constitute a gift?
23-Jun-2022 10:43am
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23-Jun-2022 11:05am
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Not a section 121 issue. Wasn't that the original question?
Retired, no salvage value.
23-Jun-2022 11:09am
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My understanding is that a sale to the owner's S corp will also qualify.
Steve
23-Jun-2022 8:23pm
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What does that accomplish?
24-Jun-2022 7:23am
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