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Jacy
Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience:  Nine years individual income tax preparation and consulting
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During last year and this year I have been sending my brother

Resolved Question:

During last year and this year I have been sending my brother who is unemployed $1,500 per month for his mortgage payment. He is married and has two children who are minors. I need to continue the $1,500 payments for now. My questions are what are the gift tax laws around this? I do not want to send a check directly to his wife (thereby gifting both), but could I gift the minor children through their father (my brother)? Can I apy the mortgage directly? Is there a way to over gift for two years and then do less later - sort of like funding a 529 Plan? Please advise
Submitted: 3 years ago.
Category: Tax
Expert:  Jacy replied 3 years ago.

Hello,

 

If you are single, you can give $13,000 per year each to as many people as you want including minors.

 

If you are married, you and your spouse can give $26,000 to each recipient.

 

If you give more than that in a calendar year, you must file a gift tax return.

 

Paying their mortgage directly would be considered a gift also. If the property is jointly owned by your brother and his wife, then you could pay up to $26,000 toward their mortgage each year.

 

I hope this has been helpful to you.

 

If I have adequately answered your question, please click the GREEN ACCEPT button.

If you need more information after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to help you further. Thanks!

 

 

 

Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience: Nine years individual income tax preparation and consulting
Jacy and 10 other Tax Specialists are ready to help you

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