Question

Tax Year Prior to 2020: My mother is non US resident who owned an investment property at the US. Recently she got an equity loan for downpay of my first house. Can she transfer the money to me?

Forum|Forum|6 years ago
March 25, 2020
1 reply
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TurboTax Premier Online

Your mother has the right to do whatever she wants with the money she borrowed. However, the property your mother took the loan against becomes collateral. Whatever arrangement you make with your mother in paying back the loan is between you and her and has nothing to do with the lender.

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W

wobushini345Author

I am the POA of her account. Can I transfer that money to my bank account?

Are we both going to get any tax issue?

V

VictorW9

Your mother might be liable for a gift tax. If she gives you more than the annual gift tax exclusion ($15,000 in 2019), she must file a gift tax return. That still doesn't mean she will owe any gift tax. As of 2019, a taxpayer does not pay gift tax until they have given away over $11.4 million in their lifetime.

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