How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Marvin,EA Your Own Question
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
Type Your Tax Question Here...
Marvin,EA is online now
A new question is answered every 9 seconds

How can i give forgive my daughter of a mortgage that i do

Resolved Question:

How can i give forgive my daughter of a mortgage that i do owner finance without it costing her so much in taxes?
Submitted: 7 years ago.
Category: Tax
Expert:  Marvin,EA replied 7 years ago.
Hello and thanks you for using Just Answer. Are you going to give your daughter a home you own with a mortgage?
Customer: replied 7 years ago.
yes. i was going to turn it over to her but she is concerned with how much she would pay in taxes. the amout i would forgive would be $35,000. is there somthing else i could do to turn this over to her? porfessor01k
Customer: replied 7 years ago.
just let me know how much i own you now/. i'm not sure what to do next about my question on turning over the property to my daught i do mortgoge financing.Customer
Customer: replied 7 years ago.
i don't know how to copy and paste. just tell me how to pay you since i get an invalid response gateway,303 error.
Expert:  Marvin,EA replied 7 years ago.

You can gift you daughter the property and she would owe no federal income tax. Any tax due on the gift will be pay by you. A taxpayer can give $13,000 per person to any number recipients in a calendar year without paying federal estate and gift tax. Each spouse has an annual exclusion. Couples can therefore therefor transfer a combined total of $26,000 to a single recipient each year. If the property you would gift your daughter is worth $35,000 you would have a taxable gift in the amount of $9,000 (35,000 - 26,000 = 9,000).


If a gift in excess of $13,000 is made by one spouse, the couple can use both annual exclusions by filing gift tax returns (Form 709,, electing to split gifts.


A gift tax return (Form 709) must be filed if a taxpayer makes any "taxable gift" in the calendar year. "Taxable gifts" are generally amounts over $13,000 given to someone other than a spouse or charity. Although tax is calculated on the return, no tax is due until the taxpayer exhausts the $ 1 million exclusion.

Marvin,EA and 2 other Tax Specialists are ready to help you

Related Tax Questions