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My daughter and her husband are trying to buy a house. Their…

My daughter and her...

My daughter and her husband are trying to buy a house. Their realtor has told them the monies that they receive as an income through SSI is not taxable therefore they need to call it a gift instead, the amount is below the $14,000 limit for exclusion. I've never heard this before so is there a paper trail that needs to occur in order to legitimize the income to show the realtor? Or can they just call it a gift? thanks

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't think so..

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3/8/2018
Richard
Richard, Tax Attorney
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Good morning. The realtor's suggestion is ridiculous. SS income is non-taxable income; it is absolutely not a gift and should not be designated as such. You can document this income source through the social security website. Once you register online, a statement of payments can be printed out to substantiate the source and amount of the income. Here's the SS link: https://www.ssa.gov/benefits/retirement/?gclid=CjwKCAiA24PVBRBvEiwAyBxf-dqIYCH_Caq4vZETY_JfVPNo53gD4RWrFcR95QkKUusOUEvWndeSphoCoGAQAvD_BwE

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Customer reply replied 1 month ago
Thank you, ***** ***** I've given all the information correctly. What you said makes perfect sense though. I'll pass the information along to them.
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