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Robert D | Do I have to declare the following on my tax return? |
I have a second mortgage on my house that I currently owe about $50,000 on. My mom has recently offered to help me out and pay it for me. In other words, she would write the check out to the mortgage company. My question is, is this considered income for me? Do I have to declare that I "earned" these $50,000 on my tax return? Am I going to have to pay anything? |
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bostonianinmo
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If this is a bona-fide gift then you do not pay taxes on it. The recipient of a gift never pays any tax, the donor does.
Since this gift exceeds the annual $12,000 exclusion amount, your MOTHER will have to file a Gift Tax return. However there is also an annual $1,000,000 lifetime exclusion that will shield her from any tax unless she has already used that up. |
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justwondering
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Your mother can gift you $12,000. a year. She could gift the same amount to your husband for a total of $24,000 per year with no tax consequence. If your mother is married, her husband could also gift you each $12,000.
You can be creative with the payoff to avoid the gift tax. She could pay the max this year and the balance over the next few years. |
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apathycat
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Assuming the payment your mother made was purely out of her love for you (ie - non-conditional) that it is not earned income.
It is, however, a gift, subject to gift tax, which you mother would owe, not you.
(first $10 K is excluded - above that she would owe the tax) |
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MukatA
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1. It can be treated as a gift. You (the receiver) does not pay any tax. You don't declare it on your tax return.
2. The donor (your mom) will have $38,000 ($50k minus $12k) of taxable gift. She will need to file Gift tax return Form 709. She may not have to pay any tax as there is life time exclusion of $1 million. |
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Judy1
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No you won't have to report it, but since it's over $12,000 your mom will have to file a gift tax return. She isn't likely to owe a gift tax though, unless her lifetime gifts have totalled over $1 million. |
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rob b
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You didn't earn it, you mom isn't getting anything in return, so it's a gift. You mom will see the gift tax on $38,000. This is the 50k gift minus the 12k annual exemption. If you mom is married, her and her husband can split the gift and see a lower gift tax. Other wise, your mom can cover 12,000 a year until it's paid off to not see this tax. |
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Homeslice
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If this is truly a gift, then you will not pay tax. However, your mother will have to file a gift tax return and apply the $50,000 first to her $12,000 annual exclusion and the to her lifetime exclusion of $1,500,000 (it's not $1,000,000 anymore and has not been since 1998). |
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Phoenix Princess of Darkness
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That's a situation your accountant or tax lawyer should help you with. They can likely set it up so that you don't have to pay taxes. Generally, it would be considered a gift for which you would have to pay taxes. |
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