My mother gave me $50,000 and also wrote a gift letter ($50,000) to the bank assisting to apply mortgage for my apartment in April, 2017.
I felt bad to take my mom's money. After moving in the new apartment, I sold my car & I was able to return her with a check $36,000 two weeks ago.
My questions are as follow:
1. Will my mother still need to file & pay gift tax in 2017.
2. After receiving $36,000 from me, can it reverse the tax penalty?
2. My mother is married. What is her gift tax limit for this instance?
Please advise, thank you.