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Old 08-23-2005, 05:01 PM
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New User. Please help with gift tax question

My state is New Mexico. My mom is giving me approximately $30,000. I am going to use the money to pay off my debt (car & credit cards). Is there any way to avoid the taxes on this gift? I plan on buying my first house within 1 year. Will that make a difference? I have no spouse. Any advice will be appreciated!
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Old 08-23-2005, 06:42 PM
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Gifts are not taxable to the recipient. Your mother will have to file a gift return, but no taxes will need to be paid.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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