Need Some Advice

[street]

pb4uski >>>> thanks again for your knowledgeable information. I appreciate all the great people here and how when a question comes up, how different angles create new questions, about the question at hand.

 

[GLM]

Just wanted to add that if you are married your spouse can also gift up to $15,000 each year without needing to file the tax forms.

Our kids are both married so we can gift up to 60 k to each couple. (15k from me to DS , 15k from me to daughter in law, 15 k from DH to son and 15k from DH to daughter in law ) Then if we wanted to we could add in the grand kids.....

 

[street]

Thank you all for the help.

I mentioned it again to my son we would willing to do this so he can get into another home. Not sure he will take us up on the help but will wait and see.

 

[SecondCor521]

This is something I think of, and would handle it in one way or another.

The subject came up with daughter, as she may need to find 12k to pay a college bill.

1) When the existing or proposed rate is known, then we will transfer the cash, and she'll owe us the amount with interest at the Federal Funds Rate.

or

2) Just gift her the money outright.

FWIW, if you're willing to gift your DD the money, then if you pay the school directly that does not count towards your $15K annual gift exclusion.

 

[calmloki]

Can someone help with a Amortization Calculator online to be able to print out and attach to contract. I would need one that includes the federal tax included.

Thank you very much.

Here's a simple calculator that has amortization charts:

https://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

 

[street]

^ thank you.
We are thinking over our options and thinking now would he may except the 709 Gift Tax Exempt route.

So, if we gift him 100K could your tax man do this for us and then it would have to be sent to IRS, correct.

What other details and things need to be done to just gift him the money from our life life time inheritance amount?

Can the money be given to him before we do the paper work and send it to IRS?

 

[street]

Just an update and to ask another question.

The gift of 100K took place yesterday and I wanted to get the 709 form done and sent in just to get it done. I don't want any issues etc..
I have my taxes done and he told me just to wait till January through April 15 to file that 709 form when I do my taxes for 2020.
Is that okay to wait till tax time 2021 or should I push the issue to get it done in 2020 when I gifted the life time inheritance tax exempt money?

 

[Souschef]

Just an update and to ask another question.

The gift of 100K took place yesterday and I wanted to get the 709 form done and sent in just to get it done. I don't want any issues etc..
I have my taxes done and he told me just to wait till January through April 15 to file that 709 form when I do my taxes for 2020.
Is that okay to wait till tax time 2021 or should I push the issue to get it done in 2020 when I gifted the life time inheritance tax exempt money?

AFIK You have until 15 April 2021 to file. Also the 2020 form 709 is not out yet. I have to do one for a gift to my son.

 

[street]

^ thank you Sir. I really don't want to be thrown in the clink. Having to much fun being retired.