New here to the forums, sorry if I'm posting in the wrong section.
Got a question on filling out form 709 correctly.
My parents are selling their house to me. I am putting down some initial $$$ and we are setting up a self-done loan/mortgage. This is all legal based on the IRS AFR rules.
Ok so the rub is my parents will "gift" a portion of the equity back to me so the loan can be less.
The gift will be over the $14,000/year ($28,000 joint), so it shouldn't be taxed as it is added to that life time exclusion limit of $5 million.
We just want to dot the I's, and cross the T's correctly and have that form filled out correctly.
Any help would be appreciated.
Thanks in advance. Steve