Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

If I receive money from my daughter to pay my mortgage is it…

Customer Question
If I receive money...

If I receive money from my daughter to pay my mortgage is it taxable? She paid tax on it herself when she received it as income.

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

What do you need to know?

Submitted: 24 days ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
4/2/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 24 days ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,578
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you.

Ask Your Own Tax Question
Customer reply replied 24 days ago
ok
Tax Professional: Tax.appeal.168, Tax Accountant replied 24 days ago

In brief, the money that you receive from your daughter would not be taxable income to you, it would be considered a gift. If the amount that she gives you is less than $15,000, nothing needs to be done. However, if she gives you more than $15,000, then she will need to complete a Form 709.

Still typing....

Ask Your Own Tax Question
Customer reply replied 24 days ago
no just want the answer to my question Thanks
Tax Professional: Tax.appeal.168, Tax Accountant replied 24 days ago

The annual gift exclusion amount for TY 2018 is $15,000, which means that a U.S. person can gift another person up to $15,000 without creating a taxable event (having to complete the Form 709-Gift Tax Return). for more detailed information relating to gifts, you can refer to IRS Pub 950.

Link to IRS Pub 950:

https://www.irs.gov/pub/irs-pdf/p950.pdf

-----------------------------

In closing, my goal is to provide you with the best experience possible! Hopefully, the service that I have provided has earned a 5-star rating! Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave today. Thank you in advance. If you require further assistance, use the reply box and let me know.

Ask Your Own Tax Question
Customer reply replied 24 days ago
Does it matter if her money that she is giving is in Canada and I am in Canada?
Tax Professional: Tax.appeal.168, Tax Accountant replied 24 days ago

Are you a U.S. citizen? Is she a U.S. citizen?

Ask Your Own Tax Question
Customer reply replied 24 days ago
Neither of us are US citizens. She is working in the US on a work visa.
Tax Professional: Tax.appeal.168, Tax Accountant replied 24 days ago

Ok. My answer was based on the U.S. tax system. While I am sure that I can locate the answer for you regarding Canada, currently I do not have the time to do that. Therefore, I am going to opt out and release the question back into the question queue so that someone else can assist.

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 24 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,812
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Different expert here - my name is ***** ***** I will be happy to assist you since the first expert opted out of your question.

Canadian taxpayers can give all the cash they want to people and organizations without causing a taxable event. Canada does not impose a tax on cash gifts.

So both your daughter and you do not report or pay tax on the gift.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 24 days ago

It does not matter if the money and you are located in Canada.

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 23 days 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 assist you.

Ask Your Own Tax Question
Was this answer helpful?
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,812
5,812 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
If my taxable income for 2018 will be approx. $38,000, what
If my taxable income for 2018 will be approx. $38,000, what is my tax liability filing single. ( was widowed in late 2016. When I filed for 2017, my CPA had neglected to tell me there were different t… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I had no taxable income for 2017, but am supposed to file a
I had no taxable income for 2017, but am supposed to file a tax return in order to establish I qualified for Premium Tax Credits received through Healthcare.gov. What should I do? … read more
Barbara
Barbara
Enrolled Agent
5,812 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
I am self-employed (1099-Misc Realtor). If my Taxable Income
I am self-employed (1099-Misc Realtor). If my Taxable Income is $0 even though my adjusted Income is $58,000, is this unusual or something that is so out of balance it could cause a red flag to the IR… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I am requesting more information on the taxable income. My
I am requesting more information on the taxable income. My tax advisor states if you sold the home or no longer own the home. (I ended up foreclosing) and since I was released from the debt that I mus… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Self employed. after deductions, my taxable income is $4000.
self employed . after deductions, my taxable income is $4000. will i have to pay tax on that amount? thank you … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
87 satisfied customers
My only taxable income is $2287.10 from IRA distribution. I
My only taxable income is $2287.10 from IRA distribution. I am rated 100% VA disabled. My social security and VA pension are non-taxable. I have no other reportable income. How do I determine if I owe… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is social security a taxable income? Indiana. None
is social security a taxable income? JA: What state is this in? It matters because laws vary by location. Customer: Indiana JA: What steps have been taken so far? Customer: none JA: Anything else you … read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
Is a settlement from employment taxable income? My husband
My husband received a settlement from his employer as he was no longer able to work as a patrol officer due to injuries. He had to take medical retirement … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is a taxpayer required to complete a gift tax return for
Is a taxpayer required to complete a gift tax return for gifts to non-Americans (i.e., citizens of a different country)? What if the taxpayer is not a US citizen?… read more
Barbara
Barbara
Enrolled Agent
5,812 satisfied customers
My wife and I made 80,000 in taxable income in 2017. We have
My wife and I made 80,000 in taxable income in 2017. We have three kids. And have a mortgage. How any exemptions should we each claim on our w4s with the new tax laws. We will earn about 4,000 more th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am self-employed, MFJ, with taxable income of $43k. We
I am self-employed, MFJ, with taxable income of $43k. We sold our 2 kids' (both under 18) stock accounts with LTCG's of around $34k each. Since LTCG tax rates are 0% for individs under $37,950, are th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How much tax do I owe on $1.350.00 taxable income. 1040A
How much tax do I owe on $1.350.00 taxable income. 1040A Line 25. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If my company gives me a gift of money is it taxable income
if my company gives me a gift of money is it taxable income for me? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form
EMC011075 TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form 709 when not a CHECK I'm under the assumption when reporting gifts from Parent to Child; make sure the Market Value is Correct and… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Had an IRA which was created with taxable income (should
had an IRA which was created with taxable income (should have been a Roth IRA) rolled it over into a Roth account,its gains are not taxable what form or forms do i need. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Suppose my taxable income in 220,000 this year and the tax
Suppose my taxable income in 220,000 this year and the tax rate is X up to 200K, but Y for 200and over, do I pay Y on the full 220K or just that above 200K? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x