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

Customer Question
owner finance without it costing...
How can i give forgive my daughter of a mortgage that i do owner finance without it costing her so much in taxes?
Submitted: 8 years ago.Category: Tax
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2/2/2009
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thanks you for using Just Answer. Are you going to give your daughter a home you own with a mortgage?
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Customer reply replied 8 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 reply replied 8 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 reply replied 8 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.
Tax Professional: Marvin,EA, Enrolled Agent replied 8 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, www.irs.gov/pub/irs/pdf/f709.pdf, 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
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
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