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My daughter lives in Florida. I would like to give her $57K of my savings to cover her mortgage down payment and closing costs. I live in Puerto Rico. Will I have to pay income tax on this transaction in the US?

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    Except for the OP being located in Puerto Rico, this question is essentially a duplicate of How to avoid having my father's down payment assistance get taxed as a gift. – Dilip Sarwate Aug 29 '13 at 22:38
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    Although I voted to close this question, there might be an issue of narrow interest to be considered depending on whether the OP is a US citizen or a "PR Person". Taxation of people living in the Commonwealth of Puerto Rico is complicated by different rules applying to these two categories of people, and so gift tax laws might be different for the two cases. However, I see no reason for the OP to have to worry about paying income tax on the money given as the gift. Gift tax, maybe, but not income tax. – Dilip Sarwate Aug 29 '13 at 23:13

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