No, this does not result in income as long as there is no obligation of the person to pay the mortgage of the mortgagor. For instance, if person B is paying the mortgage because person B owes A money, person A would report income. However if B is paying the mortgage as a gratuitous transfer, this is a gift to A to the extent that B is adding equity in the house to A. If the title is 50-50, the mortgage payments result in a gift in the amount of 50% of the payment.
Paying the mortgage just to be nice constitutes a gift. Gift taxes only apply if the taxpayer's unified credit is used up. The unified credit or applicable exclusion amount is 3.5 million dollars in 2009, and it is expected to be reduced to $2 million dollars in 2010 (although the applicable exclusion amount on the books as of today us unlimited in 2010, but Obama's administration has proposed to reduce it to $2 million.)
So, unless you have more than $2 million dollars to give away during your life and when you die, no gift tax will be incurred. And, unless you owe the other person on the title money, the payment of the mortgage will not result in income to the other person.
I am a mortgage banker. When determining borrowers income we can gross BAS & BAH up 15% becasue neither are taxable. This increases the gross income of the borrower and their buying power.
yes
Realized income is essentially the income that you know that you have earned or received. This income is considered taxable.
Unemployment Compensation is considered non-taxable income for the Earned Income Tax.
If you are a non-resident, you're taxable income for Georgia is zero. Georgia taxable income is income that you earned as a resident of Georgia.
No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
No, it is not considered income.
SSI
No, the money is considered borrowed funds, so no income tax is due on the funds. Liberty-ReverseMortgage.com specializes in Reverse Mortgage Loans. If you are looking for any How Reverse Mortgage works, its pros and cons or guidelines, call (888) 202-4479
The penalties from a lawsuit is considered taxable income. The amount of tax depends on the amount of the settlement.
Maybe. Disability payments can considered tobe partially or fully taxable income.
Yes, imputed benefit income is subject to federal taxation. It is considered Taxable noncash compensation but is not included in gross pay.