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My mother-in law who lives with us pays the property tax fo rht ehouse that I pay the morgage on. Do i need to report it?
My wife and I pay the morgage but her mother pays the propeerty tax. do we need to include this on our taxes
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My mother-in law who lives with us pays the property tax fo rht ehouse that I pay the morgage on. Do i need to report it?
No, you do not have to report your mother-in-law's payment of your property taxes on your tax return. The payment can be considered as a gift.
The annual gift exclusion that can be given to an individual is $15,000 for 2019.
You and your wife could receive up to $30,000 from her mother without having to report any of the gift amount to the IRS.
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My mother-in law who lives with us pays the property tax fo rht ehouse that I pay the morgage on. Do i need to report it?
No, you do not have to report your mother-in-law's payment of your property taxes on your tax return. The payment can be considered as a gift.
The annual gift exclusion that can be given to an individual is $15,000 for 2019.
You and your wife could receive up to $30,000 from her mother without having to report any of the gift amount to the IRS.
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