Posted on: 21st Dec, 2005 02:18 am
Hi,
Our son lost his job and is not able to make the mortgage payments on his home. The amount of the mortgage loan is 150000. We are aware of the fact that we cannot give him the money without having the taxes due on the money. Can he deed the home to us and then we payoff the mortgage loan?
Our son lost his job and is not able to make the mortgage payments on his home. The amount of the mortgage loan is 150000. We are aware of the fact that we cannot give him the money without having the taxes due on the money. Can he deed the home to us and then we payoff the mortgage loan?
Hi Renae,
You will be liable for paying gift taxes as you gifted equity to your son. Apart from this, if you earned profit by selling off the property, then you will be liable for paying capital gains taxes.
Thanks
You will be liable for paying gift taxes as you gifted equity to your son. Apart from this, if you earned profit by selling off the property, then you will be liable for paying capital gains taxes.
Thanks
I am purchasing a home in mass and recieving a gift letter for about $50,000.00 what are the tax issues and tax rate if any?
Hi george,
You won't be liable for gift tax but the person giving you the gift will be liable for gift taxes.
You won't be liable for gift tax but the person giving you the gift will be liable for gift taxes.
MY FAMILY MEMBERS ( 5 PEOPLE) WILL GIVE TO ME TOTAL $150k FOR MY DOWN PAYMENT FOR THE MORTGAGE. MY QUESTIONS IS DO I (RECEIVER) HAVE TO PAY TAX OR THE DONOR HAVE TO PAY TAX FOR THIS CASE.
Hi VAN,
The people who are gifting you the money will be liable for paying gift taxes.
Thanks,
Jerry
The people who are gifting you the money will be liable for paying gift taxes.
Thanks,
Jerry
To whom it may concern,
My uncle and I want to sell our house to my brother as a gift equity, it means we give the amount $200.000 our down payment to him and we'll sign a gift letter, after that we have to pay tax for that gift's amount in the same year or not, thanks
My uncle and I want to sell our house to my brother as a gift equity, it means we give the amount $200.000 our down payment to him and we'll sign a gift letter, after that we have to pay tax for that gift's amount in the same year or not, thanks
Hi Rose,
You will have to pay taxes for gifting something provided the gift amount crosses the exemption limit.
Thanks
You will have to pay taxes for gifting something provided the gift amount crosses the exemption limit.
Thanks
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