Here's the scenario:I am a co-owner of a house with my mother. She does not live in the house, I do. She supplied the $20,000 down payment many years ago. I am moving to a new area and am about to sell the house. I will make a profit of about $180,000 on the house. Once I sell, I want to re-pay my mother the $20,000. If I give her the $20,000, does that fall under the gift tax? Or if she were to take $20,000 directly from the sale of the house we co-own, would she have any tax implications? (She never lived in the house.)Thanks.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst R