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Quick question - I'm looking to pay off my parent's mortgage…

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Hi Pearl this is...

Hi Pearl this is Carlos quick question - I'm looking to pay off my parent's mortgage (100k) if i do that, do i need to pay both income tax (on my end) for that 100k AND gift tax?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

That is all

Submitted: 2 months ago.Category: Tax
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Answered in 2 minutes by:
12/13/2017
Tax Professional: Chad EA, CFP ®, Enrolled Agent replied 2 months ago
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,442
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello Carlos,

My name is ***** ***** I will be able to assist you today.

You will not need to pay any tax for making a gift to your parents of $100K.

__

You do need to report the gift to you the IRS using IRS form 709.

Continued....

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