What are the federal income tax consequences of selling real estate to a relative?

We built a house which we plan to sell to our son. We just want to break even on the sale.

Public Comments

1. 1) If you make a profit, it is taxable as normal. 2) If you have a loss, it is not deductable as it was sold to a related party. 3) If you sell it below fair market value, you may have to file a Gift Tax return for the difference between the fair market value and the selling price.