Home & Garden

January 31, 2009

Save taxes by gifting house over time

Q. I bought a second home to fix up and sell. I paid $46,000 and put $30,000 into it. Then I decided not to sell the home but to rent it instead to my daughter and son-in-law. The house is worth $150,000 and I'm thinking of either selling or gifting it to them. For tax purposes which is the best way to do this?

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