Hello,
My family recently sold a home in New York and from it being split up among my family I received $140,000. I put the money in a joint bank account with my son.
Now we are looking to buy a home my son is going to have the mortgage under his name since he has stellar credit. Now, my name will be on the title of the house along with his. My question is that since both of our names are on title of the house will I have to pay any sort of gift tax?
My family recently sold a home in New York and from it being split up among my family I received $140,000. I put the money in a joint bank account with my son.
Now we are looking to buy a home my son is going to have the mortgage under his name since he has stellar credit. Now, my name will be on the title of the house along with his. My question is that since both of our names are on title of the house will I have to pay any sort of gift tax?