Posted on: 27th Sep, 2008 09:31 am
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
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
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
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
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.