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

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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.

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Submitted: 3 months ago.Category: Tax
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4/2/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,757
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you.

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Customer reply replied 3 months ago
ok
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months 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.

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Customer reply replied 3 months ago
no just want the answer to my question Thanks
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months 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

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Customer reply replied 3 months 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 3 months ago

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

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Customer reply replied 3 months 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 3 months 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.

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Tax Professional: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,380
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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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

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Tax Professional: Barbara, Enrolled Agent replied 3 months ago

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

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Tax Professional: Barbara, Enrolled Agent replied 3 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 assist you.

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