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Does it count as gift if Mom helps with down payment and she is on the deed?

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!

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AJ
Level 6

Does it count as gift if Mom helps with down payment and she is on the deed?

Since both of your names are on the property then you are co-owners, and this is not a gift. (Situation would be different if she gave you money and the house was in your name only.)   Keep a record in your files for the amount of money that each of you has invested in the property in case you might need a basis when you sell the property.