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Information on Gift tax return. My 100 year old mother wants…

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Information on Gift tax...

Information on Gift tax return

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My 100 year old mother wants to gift the balance of a home loan to my brother, Balance is aprrox $35,000. What are the mechanics?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No I don't believe so.

Submitted: 6 months ago.Category: Tax
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Answered in 3 minutes by:
10/27/2017
Tax Professional: Barbara, Enrolled Agent replied 6 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,992
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Because the $35,000 is more than the annual limit gift limit of $14,000, your mother will need to file Form 709 to report the gift.

Unless she has exceeded her lifetime gift cap of $5.49 million, no tax will be due.

There are no tax implications for your brother. Gifts are not taxable in the U.S.

Here's the link to Form 709 and its instructions:

https://www.irs.gov/forms-pubs/about-form-709-united-states-gift-and-generation-skipping-transfer-tax-return

Please let me know if I can assist you further.

If I have answered your question, please take a moment to rate my answer since that is the only way I receive credit for answering you.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 6 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to help you.

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Barbara
Barbara
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Category: Tax
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