Last fall I sold my half of a home left to my sister and I. She was the buyer and we ended up settling on a price of $65K which was half the county s assessed value. This "settlement" is in writing and drawn up by our attorney s. Her mortgage company asked me to sign a gift of equity letter. By no means did I intend to gift anything to my sister. The gift of equity turned out to be in the $19,868. Am I responsible for taxes on the gift even though it was never meant to be a gift. Any insight into this would be helpful. Thanks.
Read more: When is a Gift of Equity not a Gift?
