Scenario: Property cost $240,000 50/50 split ownership; Mom contributed $100,000 owes $20,000 . My mortgage is $140,000 - when she gathered balance Mom will pay $20,000 towards mortgage so we each pay $120,000. Is that $20,000 a gift or considered the balance to her half of the property? Deed is in both our names and check is made out to the bank. If it is a gift who pays gift tax?
