What is the name of your state? Pennsylvania
My son purchased a house that he had been renting for 1 year from his grandfather in 11/05. Grandfather set price at $100,000. Fair market value is $125,000. Grandfather passed away 6 weeks later. What is my son responsible for tax wise. He is recently graduated from college and struggling to make ends meet and can't afford a huge tax bill. Is this considered an inheritance or a gift?
My son purchased a house that he had been renting for 1 year from his grandfather in 11/05. Grandfather set price at $100,000. Fair market value is $125,000. Grandfather passed away 6 weeks later. What is my son responsible for tax wise. He is recently graduated from college and struggling to make ends meet and can't afford a huge tax bill. Is this considered an inheritance or a gift?