Certificate of real estate value tax implications

Extlmm · #1 (**permalink**) 11-20-2015, 02:20 PM

I bought my parents house. Appraisal came in at 350000 which we used for the sale price. They gifted me 40000 in equity and I paid in 30000 as down payment putting the amount financed at 280000. When I received the certificate of real estate value, the down payment value was 40000. I emailed my closer to see if this was correct and without an explanation it was edited to show the down payment at 30000 and added a seller paid line showing 40000. My question is are there any advantages or disadvantages to having the certificate of real estate value written one way or the other? Have I made a mistake by questioning? Thank you

Wnhough · #2 (**permalink**) 11-21-2015, 04:25 AM

Quote:

Originally Posted by Extlmm

I bought my parents house. Appraisal came in at 350000 which we used for the sale price. They gifted me 40000 in equity and I paid in 30000 as down payment putting the amount financed at 280000. When I received the certificate of real estate value, the down payment value was 40000. I emailed my closer to see if this was correct and without an explanation it was edited to show the down payment at 30000 and added a seller paid line showing 40000. My question is are there any advantages or disadvantages to having the certificate of real estate value written one way or the other? Have I made a mistake by questioning? Thank you

I guess you need some professional advice from a real estate agent on your issue.