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septempber | If my parents have supported me financially am I liable to pay any taxes on this money from them? |
Additional Details
what about if i had a mortgage in my name but they actually paid it off
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Mr Tax Preparer
 |
Expenses paid on your behalf by your parents is considered a gift, and gifts are never considered taxable income to the recipient. The payments that your parents made toward your mortage are also considered a gift to you, but there's more:
As far as the IRS is concerned, your parents gave you a "gift" that you immediately put toward the mortgage payments. Because you were legally liable for the loan (which is one of the requirements for deducting home mortgage interest), any mortgage interest that your parents paid is actually deductible by you on Schedule A if you choose to itemize. |
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Judy1
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If your parents are giving you money as a gift, then no, you aren't liable for taxes on it. That would include if they pay your mortgage.
They can each give you $12,000 per year without having to file a gift tax return. Even if they give you more than that, they probably would not owe a gift tax. |
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patrickmcc55
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You are not liable, but they may be.
the limit for gifts is $12,000. Which means your parents may each give you $12000 a year without them being liable for tax. the $12,000 per parent limit includes any payments they made toward your martgage as well. |
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bostonianinmo
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Money spent by your parents for you support is not taxable income to you. It's only used to determine if they can claim you as a dependent. In the usual scheme of things if they paid more than half of your support they can claim you as a dependent as long as the other requirements are met.
If they paid off your mortgage for you, that's a non-taxable gift to you. However depending upon the amount of the mortgage payoff THEY may have a Gift Tax event and will be required to file a Gift Tax return and pay any Gift Tax due. |
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hunneybunney
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If it is savings they will have already paid tax on it and it is their right to give it to you as a gift! |
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dave t
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Nope... |
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maraesa1000
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no you're not. but try to be more independent |
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PepsiLime
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More than likely no. It is a gift from your parents, which is not taxable to you, but if they gave you more than $12,000 each in the year, they would need to file a gift tax return. |
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mikeodonagh
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No..........best not to mention it again cause it might give this goverment an idea to bring it in force! |
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