2006-10-18 05:04:40 · 13 answers · asked by gembaby74 2 in Business & Finance ➔ Personal Finance
sure why not??
2006-10-18 05:08:05 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Yes he can give you anything he wants. But he will incur a tax liability if over $12,000/year. You don't pay the gift tax, he does.
Since it's close to the end of the year, he can give you 12K Dec 31 and another 12K Jan 1 w/o incurring a gift tax liability. Now, you can bring mom into it and that makes it double = 48K.
Your dad can always use the lifetime exclusion for gift tax where any amount over 12K per year gets deducted from his lifetime exclusion which is 2MM for 2006. He would have to file a form 709. Doing something like this must be done right to avoid headaches later on so consult a CPA or tax attorney.
2006-10-18 12:19:28 · answer #2 · answered by roger_v_kint 3 · 1⤊ 0⤋
I believe that there is a limit on how much you can gift someone in a year without having to pay taxes on it, I would can the IRS and ask them what that number is I think that from spouse to spouse it is like 50,000 but I am not sure, Talk to an accountant and find out for sure, so you dont' end up getting audited at the end of the year.
2006-10-18 12:22:35 · answer #3 · answered by randyssgirl25 2 · 0⤊ 0⤋
You do NOT need to have the money in a bank account 90 days prior to purchase. All your father (and you) would have to do would be to complete a 'Gift Letter' from the lender you are using. If you are paying straight-up cash (no loan) then it doesn't matter at all. The other advice on here about tax consequences is spot on. Good Luck!
2006-10-18 12:17:02 · answer #4 · answered by Scotsman 5 · 0⤊ 0⤋
he can; however you need to have it in your account at least 90 days to keep it from raising flags at the bank. You also need to look into reporting it to the IRS, and it exceeds 10 grand. Not sure about the laws on gifting with the IRS, but better safe than sorry.
2006-10-18 12:08:12 · answer #5 · answered by Jenyfer C 5 · 0⤊ 1⤋
yes but that will have a tax implication since you are allowed gifts of up to 11,000 yearly. I would suggest that he buy the home in his name and list you as a joint tenant with rights of survivor-ship.
2006-10-18 12:09:40 · answer #6 · answered by golferwhoworks 7 · 3⤊ 0⤋
He can but the most he is allowed for a tax write off is 10,000.
2006-10-18 12:12:06 · answer #7 · answered by hopetohelpyou 4 · 1⤊ 0⤋
yes but you need it in writing
2006-10-18 18:02:31 · answer #8 · answered by Rockstar Jersey 2 · 0⤊ 0⤋
I don't see why not if he has that much money
2006-10-18 12:12:12 · answer #9 · answered by Chantelle D 2 · 0⤊ 1⤋
does he want another daughter?
2006-10-18 12:07:27 · answer #10 · answered by ratoniluna 2 · 0⤊ 1⤋
Why don't you ask him and see.
2006-10-18 12:14:36 · answer #11 · answered by Anonymous · 0⤊ 1⤋