Post # 32
When you get your mortgage, they generally only ask for 2 months bank statements, so if they give you that money more than two months before you apply for a loan, it should be fine. They won’t see that large transaction and can’t question what they don’t see. Also if they are serious about gifting you more than 25k, the limit per year they can gift you without being taxed is 26k (13k per parent to a child). Anymore than that and you will be taxed on it, so if that’s going to happen soon, make sure to get that 25k in this year, then next year you can receive more without getting slapped with a gift tax.
Post # 33
my dad jsut recently did the same thing. He jsut offered up $11,000 for our down payment, and said we’d get more use out of it now, when buying a home, than to put towards his “final expenses”.
I think that part of it is actually really true. My dad was telling me about how much he’s getting taxed now that he’s retired, drawing his pension, etc, and it’s crazy. It
s better for him to give the money away now, rather than have us inherit it when he dies, and then have his estate get taxed like crazy.
Post # 34
I have a friends whose parents did something similar. As in, they decided to give ~half their “inheritance” to their children before they died, because they wanted to “see them enjoy it”. Kinda cool.
Although, as a tax thing, I gotta tell you that there’s a limit on how much “gift” money you can accept before getting taxed. The things you learn when you marry an accountant… 😀
exactly. Inheritance taxes are crazy (I remember this from when my grandparents passed away) and if they’re already allotted money/paid for their funeral/memorial/whatever…just be grateful.
knew the exact amount for the gift tax.
Post # 35
Good lord, I’d take that offer in a heartbeat.
Post # 36
Yeah, speaking on inheritance taxes, they do exist! A friend of mine’s dad passed away several years ago, and her aunt convinced her that there’s no such thing. Guess who ended up with a $10k IRS bill?!
Post # 37
Ha, this FH’s mother showed me the baby crib, rocking chair and dresser she has when we need it then offered us their house at what they owe on it, since in 2 years (or earlier) they are moving a few hours north. They also have the mentality that they would rather see the $ they have enjoyed so they can see it then used when they are dead.
I much prefer directness rather than wishy-washy.
Post # 38
Yeah, my husband is an accountant, so he was telling me that it fluctuates. One year, it actually lapsed (yay tax reform!) and there was a big story about how some millionaire died on Dec 30th, and if he’d died 2 days later, his family wouldn’t have had to pay any inheritance tax. I kinda understand it, but I think it sucks for the families. Not many people know about it, and if you spend a bunch of the money on the funeral and stuff, there might not be enough left to pay the taxes.
Post # 39
I wish someone was giving me a bunch of money when I pop this kid out!!
Post # 40
We’re having dinner with the extended family tonight… should be interesting haha. This is our third cycle trying. I figure we’re about 5 months away from any comments being funny.
Post # 41
Ugh! Not funny. Probably meant as a joke.
Post # 43
I think they are suggesting more money so their grandkids have a better/safer home? I think it’s a joke but kinda understand.
Post # 44
Hahaha I know. He’s excited to be married to such a swell girl haha.
Post # 45
sounds like something my Father-In-Law would say! i’m sure it was meant to be silly, but they can’t contain their excitement/happiness of looking forward to grandkids… which is a good thing! 🙂