My husband and I treat it as a second home/vacation home. Once he retires, we plan to spend more time there. My daughter does currently live there. My husband and I pay the monthly mortgage payments. She does not contribute to the mortgage, but she pays other bills (utilities, HOA fees, property taxes, insurance). The mortgage is about $1400/month and the down payment (paid entirely by husband and I) was a little over $200,000. It is currently set up as JT with Rights of Survivorship.
We are getting conflicting answers on whether the gift tax form is required. We were told that once we pay off the mortgage, if she were to transfer her 1/3 back to us (if she should move out, if we want to put the property in a trust, etc), that she would be required to fill out the gift tax form since she would be gifting her 1/3 back to us. This is what got us wondering if we needed to file the gift tax form for the purchase since we have contributed all funds towards real estate that we jointly own with her.
