[WSBARP] Capital gain tax on gift of equity

[Bryce Dille]

No gain on gift donee takes donor’s basis so when sold donee will pay tax on gain over donors basis, but for gift tax purposes if there is one property is valued at FMV as of date of gift.

Bryce H. Dille
Dille Law, PLLC
2010 Caton Way SW Ste. 101
Olympia, WA 98502
Office: 360-350-0270
Cell: 253-579-5561

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Craig Blackmon
Sent: Tuesday, April 20, 2021 4:57 PM
To: WSBA Real Property List Serve <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Capital gain tax on gift of equity

'Mates, seller gifts $20k in equity to buyer. Does the seller owe capital gains tax on that $20k?

Thanks for any insight you can provide.

Craig
Craig Blackmon, Attorney at Law<https://www.mywsba.org/PersonifyEbusiness/LegalDirectory/LegalProfile.aspx?Usr_ID=000000029240>
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