Profile picture for user102320

Buying a home cash.

My mom wants to give me a gift of 125,000 to buy a home now running into a problem that if she gives me the money she would have to pay alot of tax on this money,need aadvice on this how we can work it out so my mom doesnt have to pay alot of tax.
  • June 20 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Profile picture for Ofe Polack
I would have a word with your Mom's accountant to try to work out a plan.  Wetdawg's suggestion has merit, if it works for your Mom.
  • June 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
She could buy the house in both your names, and year by year gift you a portion of the equity on paper.     In less than 10 years, it will be entirely yours.
  • June 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.