Hello,
I know there is a limit of $15,000 per year before you have to report the Gift Tax in a tax return. I am in a situation where my mom is on the deed of our new house (joint tenancy with right of survivorship), however I took the mortgage alone. Question #1: does it count as a gift to her from me by putting her name on the title? Question#2: if she helps me pay for half of the down payment and monthly mortgage, will that cancel out my gift to her? Do I still need to report to the IRS if she puts in more than $15,000 in the house?
Thanks in advance!
