4 ms·
My wife and I aren't young (over 40), but we borrowed 35k for our 7% down at the bottom of the interest rates. We got way too much house, but got almost everyth
by Supermancho 3y ago
My wife and I aren't young (over 40), but we borrowed 35k for our 7% down at the bottom of the interest rates. We got way too much house, but got almost everything we wanted. As a married couple, if you stay under a ~40k gift, you can tell the IRS to write it off as 2 gifts (separate transfers for the balance of the difference <5k) and pay no income tax on it.
Edit: Not a taxman. Just trying to remember what ours told us. Better info in the following post.
- sokoloff 3y agoThe gift limit is $17K ($18K next year) per recipient for a donor. This means that a couple can gift another couple $68K in a year without triggering any reporting requirements. (Each member of gifting couple can gift $17K to each member of the receiving couple.) You can also gift up to 5 years' worth at once, with some paperwork needed. Gifts received are always non-taxable to the recipient. The gift tax (when required) is first a reduction of estate tax exclusion of the donor, nothing for the recipient of a bonafide gift to do tax-wise.
- boppo1 3y agoJealous people will downvote you, but I commend you for sharing the tip, even if I’m in no position to employ it.