taxes96786
Level 9
11-24-2020
10:52 PM
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There is no tax to the transferee whether gift or partial purchase. And, true, that person may be in a lower tax bracket at time of transfer but, in this case, it appears that the son is already living in the house and any transfer now by gift or purchase would seriously impact his basis in the future should he decide to sell.
Of course, all this won't matter if Biden goes through with his intention to eliminate step-up in basis.