Re: Gift Tax
Level 8

Deductions & credits

The mortgage approval may not really have anything to do with it. Once Mom has given up "control and dominion" (see Treas. Reg. 25.2511-2 the gift is complete. Depositing the money is the account seems like giving up control. Unless there is a legally enforceable agreement to the contrary. Wouldn't want to litigate that one.

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