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 PDtax Your Own Question
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4676
Experience:  35 years tax experience, including four years at a Big 4 firm.
Type Your Tax Question Here...
PDtax is online now
A new question is answered every 9 seconds

I m planning to buy a house,the deposit 122k is gifted by my

Customer Question

i m planning to buy a house,the deposit 122k is gifted by my fiance ,he is gonna be added to the title.Is it taxable?we both are citizens
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax, and will assist.

Expert:  PDtax replied 1 year ago.

A gift is not income taxable to you. It could be gift taxable unless the donor uses some of their unified credit to give you the gift estate tax free.

Customer: replied 1 year ago.
i am a us citizen and my fiance too,we are planning to buy a house and my fiance is going to gift the deposit of122k,he is on title but not on loan,do we need to pay gift taxes for that amount
Customer: replied 1 year ago.
what about my iance,does he get taxed for gifting that amount to me
Expert:  PDtax replied 1 year ago.

You can elect out of gift taxes by using some of your unified credit. Unless you have accumulated net worth in the millions, this gift will not be gift taxable.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

Customer: replied 1 year ago.
what you mean by unified credit?
Customer: replied 1 year ago.
answer is not clear about if my fiance gets taxed
Expert:  PDtax replied 1 year ago.

Gifts are taxed as part of estate taxation, as transfers of wealth. The unified credit is an estate tax credit. A gift tax return (709) allows you to report the gift and claim some of your lifetime unified credit to escape gift tax. Most gifts are tax free through the unified credit, which is the mechanism used to claim tax free gifting.