(Closed) Offered money… for a baby?!

posted 8 years ago in TTC
Post # 32
Member
15149 posts
Honey Beekeeper
  • Wedding: June 2011

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@ANewMrs:  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
Member
1949 posts
Buzzing bee
  • Wedding: August 2011

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@ANewMrs:  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
Member
330 posts
Helper bee
  • Wedding: September 2011

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… 😀

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@anotherbee:  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.

 

ETA:

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@pinkshoes knew the exact amount for the gift tax.

Post # 35
Member
11231 posts
Sugar Beekeeper
  • Wedding: August 2013

Good lord, I’d take that offer in a heartbeat.

Post # 36
Member
11231 posts
Sugar Beekeeper
  • Wedding: August 2013

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@Mrs.Camera:  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
Member
3028 posts
Sugar bee
  • Wedding: June 2013

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@ANewMrs:  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
Member
330 posts
Helper bee
  • Wedding: September 2011

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@vorpalette:  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
Member
1501 posts
Bumble bee
  • Wedding: September 2011

I wish someone was giving me a bunch of money when I pop this kid out!!

Post # 41
Member
1652 posts
Bumble bee
  • Wedding: July 2011

Ugh! Not funny. Probably meant as a joke.

Post # 42
Member
2268 posts
Buzzing bee

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@ANewMrs:  “DH was thrilled when we got home, and in the middle of BDing, I announced, “So your parents totally asked us to do this tonight.”  Best mood killer EVER lol.  I’m a horrible wife 🙂

Your poor hubby haha!

Post # 43
Member
2902 posts
Sugar bee
  • Wedding: March 2014

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 # 45
Hostess
8146 posts
Bumble Beekeeper
  • Wedding: October 2012

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! 🙂

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