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Saturday, June 06, 2009
Amount of $ I can recieve without taxes involved
This is just an informational post for myself.
I found out a few months ago how much Mom could outright give me to pay down the difference between what I owe on my mortgage and what I might be able to sell for: $12,000
Both this site and this one agree the amount (as of the beginning of this year) that one person can give to another tax free is $12,000 a year. And it looks like if more than $12,000 is given in one year the additional money can also be tax free if the giver uses a tax form to claim the gift against their $1 million tax free gift given max
I found out a few months ago how much Mom could outright give me to pay down the difference between what I owe on my mortgage and what I might be able to sell for: $12,000
Both this site and this one agree the amount (as of the beginning of this year) that one person can give to another tax free is $12,000 a year. And it looks like if more than $12,000 is given in one year the additional money can also be tax free if the giver uses a tax form to claim the gift against their $1 million tax free gift given max
Labels: Home Buying
Posted by: trekker9er : 8:55 AM 
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