- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Im receiving 45000.00 towards the purchase of my primary residence. Is it better transfer the money to escrow?
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Im receiving 45000.00 towards the purchase of my primary residence. Is it better transfer the money to escrow?
Based on the comment that you posted, the $45,000 is a gift from your father. A gift is not taxable income to you, and you do not report it on your tax return. Your father has to file a gift tax return to report the gift. He will not have to pay any gift tax unless the total of all gifts he has given in his lifetime is more than $11,180,000, but he has to file the return.
Post more details if it is not an outright gift, or if there are strings attached to the gift, or if your father expects you to repay it, or if your father will be a part owner of the house.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Im receiving 45000.00 towards the purchase of my primary residence. Is it better transfer the money to escrow?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Im receiving 45000.00 towards the purchase of my primary residence. Is it better transfer the money to escrow?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Im receiving 45000.00 towards the purchase of my primary residence. Is it better transfer the money to escrow?
Based on the comment that you posted, the $45,000 is a gift from your father. A gift is not taxable income to you, and you do not report it on your tax return. Your father has to file a gift tax return to report the gift. He will not have to pay any gift tax unless the total of all gifts he has given in his lifetime is more than $11,180,000, but he has to file the return.
Post more details if it is not an outright gift, or if there are strings attached to the gift, or if your father expects you to repay it, or if your father will be a part owner of the house.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Im receiving 45000.00 towards the purchase of my primary residence. Is it better transfer the money to escrow?
whether the money is held in escrow or not, any income earned is taxable to you.
Still have questions?
Make a post