My father is giving me some money to pay my house . That money is going to affect my taxes?

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My father is giving me some money to pay my house . That money is going to affect my taxes?

2007-01-19 12:24:18 · 4 answers · asked by orfeo 1 in Business & Finance ➔ Taxes ➔ United States

4 answers

that certain amount is $12,000 per year

2007-01-19 14:04:18 · answer #1 · answered by CA_hiker 2 · 0⤊ 0⤋

No, receiving a gift of any amount will not affect your taxes. If the total is over a certain amount, the giver has to file a gift tax return, and might owe a gift tax.

2007-01-19 12:41:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋

He can give you up to $10,000/year as a gift. if you are married. he can give both you and your wife $10,000 each without tax liability.

2007-01-19 12:33:54 · answer #3 · answered by Baked n Blended 5 · 0⤊ 0⤋

FILE IT UNDER GIFT

2007-01-19 12:37:02 · answer #4 · answered by r1114@sbcglobal.net 4 · 0⤊ 0⤋