Posted on: 18th Mar, 2013 11:06 am
I am planning on purchasing my mothers house for $120,000. It appraised at $155,000. She is gifting me the equity of $35,000 to use towards a down payment. Will she need to pay any taxes on this gift? I live in Pennsylvania. Thank you!
Hi jen!
Welcome to the forums!
She may be liable for paying gift taxes for the amount exceeding the exemption amount.
Sussane
Welcome to the forums!
She may be liable for paying gift taxes for the amount exceeding the exemption amount.
Sussane