Financing in North Miami>Question Details

Sandra, Home Buyer in Miami, FL

ii will be receiving a gift from my mother for a downpaymnet for first home purchase is this tax except and is there percentage cap of amount of gift

Asked by Sandra, Miami, FL Tue Jun 1, 2010

Help the community by answering this question:

Answers

4
Sandra,

Generally you should owe no income tax on the receipt of a gift of any amount. The person making the gift to you may have a gift tax consequence, but if they do it is their reponsibility to pay and not yours. Please contact your tax advisor if you have more questions.

Sincerely,

Carrie Roberts
Michael Saunders & Company
5100 Ocean Blvd
Sarasota, Fl 34242
CarrieRoberts@michaelsaunders.com
0 votes Thank Flag Link Thu Jun 3, 2010
Hi, Sandra

As already answered, your best off asking your accountant regarding the tax exemption. However, regarding the cap for a gift, there are none.
0 votes Thank Flag Link Thu Jun 3, 2010
Hello Sandra,

I can not answer the tax question and you should ask your accountant that question, but I can tell you that there is no cap on the amount of a gift you can get from your mother. If you have any other financing questions, I would be happy to answer them for you. Feel free to contact me at any time.

Joshua Lerette - The Tampa Bay Mortgage Pro
727-488-7355
Josh@TheTBMortgagePro.com
0 votes Thank Flag Link Tue Jun 1, 2010
Your best source of information regarding any tax questions, is your tax professional and or tax attorney--consider a consultation and receive accurate answers as they apply to your situation.
0 votes Thank Flag Link Tue Jun 1, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer