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"gift tax"

  • Downey
    Posted: Apr 09, 2010 05:11 PM
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    Downey
    Miami, FL
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    My Mother is giving me $48,000 to pay off my mortgage. I talked briefly to a cpa and he said the gift tax thing would not be a problem. Does anyone know about this?

    Laura

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  • #1
    TaylorFP
    Posted: May 10, 2010 11:33 PM
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    TaylorFP
    Mount Airy, MD
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    It's not really a problem, but you should file a gift tax form 709 with the IRS each year for any gift over $13,000 (2009 or 2010). The amount above $13,000 is deducted from your allowance of 1 million dollars in a lifetime. So you don't owe any gift tax until you used up the entire million, but this is how the IRS wants you to keep track of it.

    http://turbotax.intuit.com/tax-tools/tax-tips/tax-planning-and-checklists/5533.html

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