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gsota · Joined: 27 Sep 2008 Posts: 2 1.51 Dollars($)

If I provide gift of $ 170000 to my brother in law for his down payment.Do I need to pay tax or tax was exempted both of us

gsota · Joined: 27 Sep 2008 Posts: 2 1.51 Dollars($)

is there is any limit for gift for house down paymet to the close relative or family member like in law or brother or sister

smithsussane · Posted: Mon Sep 29, 2008 12:28 am Post subject:

Hi qsota!

Welcome to Forums!

Transferring of a present interest up to $12,000 per person per year is not subject to gift tax. The lifetime gifting limit is $1,000,000 (gifts above the annual exclusions) is considered before a gift tax is incurred. I think you need to pay gift taxes.

Feel free to ask if you have further queries.

Sussane

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

the above post is correct. If it were me, I would show it as a loan that was never paid back. That's just my personal advice as I am not a legal advisor so please seek council on this before proceeding.

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gift of $175000 is taxable from whom