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frankmcdowell2000 · Joined: 07 Sep 2009 Posts: 57 0.00 Dollars($)

How to maximize advantages avoiding tax on gift of equity loans?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

chek this link

http://www.mortgagefit.com/inprocess/about6546.html

annyb27 · Joined: 07 Jul 2009 Posts: 144 -1.08 Dollars($)

Gift equity can be exampted tax if you have proper receipt. The person who receives gift eqity is not responsible for tax but who is handing over the gift is responsible for tax. As per YEAR 2007 the donor is allowed to gift a family member $12,000 a year.

You can maximize the benefits of gift of equity loan taxes.
If any of your family member gifting you alone each of them could gift each of you $12,000.

annyb27 · Joined: 07 Jul 2009 Posts: 144 -1.08 Dollars($)

Use the IRS website (Publication 950) to inform yourself about gift of equity tax rules, or use advice from a tax professional

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