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Hello Everyone, If my mother is to gift me $50k and I set up a payment plan to repay her, how does that work with taxes? I had never heard of being taxed on a gift (silly me). I was originally going to use the gift as a down payment but I learned that gifts can't be used to purchase property, until it becomes "seasoned". I DO NOT want pay taxes on any kind of money that my mom gives.
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
