OH-how to avoid paying the taxes for the house I purchased for my son
I purchased a home 2 years ago for my son's family. They want to sell it now and use the sale money for his next home. The house should sell for about 42K. I bought it for 14K. I only want the purchase price back so as not to have to pay taxes for money made on the sale and for them to use the excess for their next purchase. Can I just make a note stating that they must pay me the 14K for a loan I made to them (in ecense, I am like a mortgage company to them) rather than actually putting the house in their name (ie. Quit claim).