Gift

DanandAndi · ‎November 16, 2022

My Aunt is moving in with me and my wife. She is paying for a new house with only mine and my wife name on the dead. What is the tax problems with this?

Anonymous_ · ‎November 16, 2022

@DanandAndi wrote:

My Aunt is moving in with me and my wife. She is paying for a new house with only mine and my wife name on the dead. What is the tax problems with this?

There are not necessarily any "tax problems" here, but your aunt will need to prepare and file a gift tax return (Form 709).

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e314

Note that she will not likely have to pay gift tax (the lifetime exemption is over $12 million) and you will not have to report the gift on your individual income tax return.

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Anonymous_ · ‎November 16, 2022

@DanandAndi wrote:

My Aunt is moving in with me and my wife. She is paying for a new house with only mine and my wife name on the dead. What is the tax problems with this?

There are not necessarily any "tax problems" here, but your aunt will need to prepare and file a gift tax return (Form 709).

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e314

Note that she will not likely have to pay gift tax (the lifetime exemption is over $12 million) and you will not have to report the gift on your individual income tax return.