Hi,
I bought a property with my mother last year, she provided 80% of the down payment, and I pay the mortgage (it's in my name only).
I understand that 30% of the down payment amount constitutes a gift from her to me, and 50% of some part of the mortgage payment, a gift from me to her. But what part is it? Just the principal? Interest? Property tax? (I am assuming probably not)
In case it makes a difference: we're 50-50 Tenants in Common, not Joint Tenants.
And am I right in thinking that as long as the difference between the two is under the 15k limit, nothing needs to be reported?
Thanks
