Possibly helping only child with first home purchase

[ponyboy]

The gifting exemptions are very generous IMHO so why wouldn't someone report as required? There's so little downside of reporting but significant for failure to report.

Agreed. Most people will never hit the lifetime threshold anyway.

No one really has an answer other than the IRS probably would never know. That was my hunch anyway, just wanted to see what others thought. I wish we were in a position to inherit 10s of millions!

 

[Koolau]

Agreed. Most people will never hit the lifetime threshold anyway.

No one really has an answer other than the IRS probably would never know. That was my hunch anyway, just wanted to see what others thought. I wish we were in a position to inherit 10s of millions!

I sure wouldn't turn down 10s of millions, but I just don't think more millions would change me much. I might fly first class or buy a C-8 Corvette. Otherwise, I have enough right now and don't spend as much as I could but YMMV.

 

[JohnDoe]

Though I would give an update. My DD is under contract for a new construction house with settlement in late April.
I signed a gift letter for the full amount we want to give her (150) with intentions of putting a lien on the title afterwards.
I have a bunch of questions for my lawyer before we sign that.

Hopefully rates will fall considerably over the next 8 months.

 

[rkser]

An update of DS's house situation,
they bought a new to them a $520k 3/2 older house close to their work place, we are glad our gift of $250k was helpful & they have a manageable mortgage.

 

[Koolau]

An update of DS's house situation,
they bought a new to them a $520k 3/2 older house close to their work place, we are glad our gift of $250k was helpful & they have a manageable mortgage.

Very nice gift. It's great that you can help out that way.