Selling Family Home: Tax Traps & Better Options
Update: 2025-12-23
Description
A mother contemplates selling her family home to her daughter at a discount, but financial expert Quentin Fottrell warns of potential tax pitfalls. Selling below market value triggers Form seven-oh-nine, reporting the gift. The step-up in basis tax break is lost, potentially leading to significant capital gains tax. Experts advise against this, suggesting smarter options like mortgage co-ownership or waiting for inheritance to preserve tax benefits and options.
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