New Jersey/Virginia
My 70 year-old mother wants to take out a reverse mortgage on her fully paid off home. From the money she receives she wants to give me $80,000 to use as a down payment on a home.
What is the best way to handle this transfer, from her to me?
If she gives me a cashiers check for the amount needed for closing and signs a letter that the mortgage company has saying it's a gift and I do not need to re-pay her, do I have to pay tax on it?
My 70 year-old mother wants to take out a reverse mortgage on her fully paid off home. From the money she receives she wants to give me $80,000 to use as a down payment on a home.
What is the best way to handle this transfer, from her to me?
If she gives me a cashiers check for the amount needed for closing and signs a letter that the mortgage company has saying it's a gift and I do not need to re-pay her, do I have to pay tax on it?
