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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience:  15years with H & R Block. Divisional leader, Instructor
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My mother-in-law gave my wife and I a house in Seattle free

Resolved Question:

My mother-in-law gave my wife and I a house in Seattle free and clear. Can I get financing for a portion of it's worth and gift her some money? How much and what are the strings?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Robin D :

Hello and thank you for using Just Answer,
You may make a gift of money to your mother-in-law and would not be required to report the gift as long as you did not give her more than $14,000.

Robin D :

You and your spouse may give her $14,000 each (total $28,000) before you would need to report the gift.

Robin D :

The $14,000 is the limit anyone may gift in one year without being required to report the gift. As your mother-in-law gifted the property to you then she would need to report that as well if the value was more than the limit.

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7434
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and other Tax Specialists are ready to help you
Customer: replied 1 year ago.

I had been told in the past she could give us a one time gift for the full value of the house as long as it was not above current market value.

Expert:  Robin D. replied 1 year ago.
That is not correct. The gift tax laws state that the gift can not be above the yearly limit. That would mean she could give you each $14,000 but any value over that would have to be reported. That does not mean she would pay tax as there is a lifetime limit (a little more than $5mil) that could be used. The reporting is required but tax is not always due.
I do not know who told you that about the value but they are not correct for tax purposes.

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