Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
Can you tell me how much the mortgage is?
Would you want to gift it to both of them, or just son?
Ok, if you wanted to gift son the entire amount, then there is no problem with you doing so, you would just need to use up a small portion of your "lifetime gift tax exemption" of $5.34 million dollars so you don't incur any gift taxes on the gift.
Anything over the $14K annual exclusion would be subject to gift taxes, but if you file an IRS Form 709 in the year of the gift for anything over the $14K, you can avoid paying any taxes on the gift. So here, you would be filing the Form 709 for $50K and then you could make the gift to son completely free of any taxes.
If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided so I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting "For Barrister" in the caption and they will get it to me.
Thanks very much. Glad to help any time.
All the best to you and yours.