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Old 03-02-2011, 07:20 PM
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House sale

Daughter sold her home of which my name was on the deed. I received $5000 profit which I gave her toward the new house she purchased. Do I need to show this as income and how do I show the gift to her



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Old 03-02-2011, 09:13 PM
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“Do I need to show this as income”---->No, as long as it is a gift for you; assume that $5,000 is a gift for you as the amount of the gift that your daughter gave you is $5,000;$5,000<$13,000, annual gift exemption for 2010. Your daughter does not have to file Form 709 as she gave you $5,000;$5,000<$13,000. also UNLESS she made a huge gift exceeding $1.13,000 million before or in 2010 alone( I assume that ONLY you are a donee of your daughter), she is NOT subject to gift tax.
“and how do I show the gift to her/”---> As said above, Neither you nor your daughter is subject to gift tax on the $5,000 that you received from your daughter.
Please visit the IRS website here; Frequently Asked Questions on Gift Taxes



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