- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Mortgage payments
Posted on 4/17/20 at 8:16 am to UFownstSECsince1950
Posted on 4/17/20 at 8:16 am to UFownstSECsince1950
You and your wife can each give $15K without any tax consequences.
If you're not currently married, and your child is married, then give them each $15K.
If not, wait for Jan 1st and give another 15K.
If you're not currently married, and your child is married, then give them each $15K.
If not, wait for Jan 1st and give another 15K.
1
Posted on 4/17/20 at 8:18 am to Paul Allen
quote:
Thanks. It calls into question what is considered to be the thin line between assisting and enabling.
Wow, just no. Different families have different income and asset levels. What is “enabling” to you may be pocket change to OP. If he just paid $200k for private college, I hardly think $30k is gonna “spoil” little Junior.
In many cultures, it is common for the older generation to pass assets to the younger in such a fashion. The idea is that you are a family, mutually working toward everyone’s benefit. Mom n dad help you in the same way their parents helped them.
It’s a far better use of OP’s money than laying an equivalent amount on a ridiculously showy wedding, destination bachelor party, or other incredibly short term frivolity.
Posted on 4/17/20 at 8:29 am to UFownstSECsince1950
I always thought of it as weird when parents helped (in a large way) on a house down payment.
Posted on 4/17/20 at 8:43 am to jimbeam
quote:Why is that? Would it make you feel better for them to wait until they inherit it?
I always thought of it as weird when parents helped (in a large way) on a house down payment.
Posted on 4/17/20 at 8:47 am to NOSHAU
I just like to do things for myself. I don’t ever expect to receive money from anyone but my employer.
Posted on 4/17/20 at 9:26 am to Tigerfan56
quote:
The gift tax applies to anyone gifting over $15,000 to any one individual within a tax year. It doesn’t matter if your net worth is $100,000; if you give someone a $20,000 gift you have to pay taxes on $5,000 of it
WRONG!
Before you pay one penny in gift tax you can use your unified credit. Which means you and your spouse can gift more than $23 million (in excess of the $30/year per donee per couple exception) before you ever have to worry about the gift tax.
Seriously, stop spreading erroneous information about something you clearly know nothing about.
ETA: Although technically you have to file a gift tax return if you exceed the yearly $15,000 limit, the IRS really doesn’t care if you file a return if it’s pretty damn certain that you’re not worth $23 million and it’s extremely unlikely that you’ll be worth $23 million (plus) when you die. This is due to the fact that they can always add it back to your estate when you die and collect the gift tax due on that gift together with interest and penalties that would be owed from the date of the gift.
This post was edited on 4/17/20 at 9:54 am
Posted on 4/17/20 at 9:35 am to LigerFan
quote:
Bank will ask for them to produce a letter from you stating that the $30k was a gift and not a loan that they are having to repay.
Why would the bank you are getting a mortgage at ever need to know where 30k came from?
Unless you are homeless its not crazy for anyone to have had 30 grand sitting around for a house payment. Where it came from should never even come up at all.
What banks are you people using? Or maybe you need to talk less.
This post was edited on 4/17/20 at 9:36 am
Posted on 4/17/20 at 9:40 am to UFownstSECsince1950
If you have to co-sign are you sure your child can afford said house? I’d hate to set my kid up with a house only for them not to be able to afford it
Posted on 4/17/20 at 9:44 am to MMauler
For the idiots who downvoted my prior post, LEARN SOMETHING, and stop spreading crap you know nothing about.
Posted on 4/17/20 at 9:45 am to UFownstSECsince1950
Gift the down payment
Because of 9/11
quote:
Why would the bank you are getting a mortgage at ever need to know where 30k came from?
Because of 9/11
This post was edited on 4/17/20 at 9:46 am
Posted on 4/17/20 at 9:54 am to UFownstSECsince1950
Go to safe, remove 3 stacks, give to kid
Go to bank withdraw cash-give to kid
Write check to kid for 5K. Repeat.
Go to bank withdraw cash-give to kid
Write check to kid for 5K. Repeat.
Posted on 4/17/20 at 12:42 pm to hungryone
I disagree. There should be things that one works for that doesn’t involve passing down of assets from mom and dad.
Posted on 4/17/20 at 1:00 pm to Paul Allen
quote:
I disagree. There should be things that one works for that doesn’t involve passing down of assets from mom and dad.
Is this the Money Talk Board or Unwanted Parenting Advice Board?
Posted on 4/17/20 at 1:10 pm to YF12
quote:
Why would the bank you are getting a mortgage at ever need to know where 30k came from?
Unless you are homeless its not crazy for anyone to have had 30 grand sitting around for a house payment. Where it came from should never even come up at all.
What banks are you people using? Or maybe you need to talk less.
A bank wants to have a good understanding of someones finances before they loan them over $100k for a house... I'd imagine if $30k just popped up in your account with one deposit, the bank would want to know where you got these funds and if they need to consider that against your DTI.
What if your parents loaned you $30k and expected to be repaid within 2 years. Wouldn't that be relevant to the bank?
Posted on 4/17/20 at 1:30 pm to UFownstSECsince1950
quote:
Why would the bank you are getting a mortgage at ever need to know where 30k came from?
What banks are you people using? Or maybe you need to talk less.
Pretty standard. In my experience, banks are only looking at 60-90 days of banks statements to look for out of the ordinary large expenses or income to make sure that you don't have any untold debts or not borrowing money to inflate your assets to cover the costs of securing a mortgage.
This post was edited on 4/17/20 at 1:37 pm
Posted on 4/17/20 at 1:43 pm to LigerFan
quote:
A bank wants to have a good understanding of someones finances before they loan them over $100k for a house
they want to make sure you didnt borrow the money in order to...borrow money. pretty simple to understand
Posted on 4/17/20 at 1:44 pm to SDVTiger
quote:
Because of 9/11
They were doing this before 9/11.
It's part of the underwriting profile, if you are able to scrimp and save $25k on your own, you are considered a better borrower than someone who was simply gifted $25k for a downpayment.
Back in my day, you could show the funds were "seasoned" for 6 months of bank statements, and get a much better deal than the borrower who simply had it plopped into his account by his whore wife's rich daddy.
Posted on 4/17/20 at 1:49 pm to UFownstSECsince1950
I really don't even see the need to gift a down payment anymore, there's 97% mortgage products out there. Sure you'll pay some MI, but you can refi out of that later, and in some cases, simply petition to have it dropped. In the meantime, all that money can stay in investments. And if someone can't save up 3%, that's a foreclosure waiting to happen.
If you want to give your kid 25 grand, then just give him 25 grand. Why make it a down payment? Let him buy a boat or wipe out some debt or renovate a kitchen or something.
If you want to give your kid 25 grand, then just give him 25 grand. Why make it a down payment? Let him buy a boat or wipe out some debt or renovate a kitchen or something.
Posted on 4/17/20 at 1:57 pm to UFownstSECsince1950
We put our own down payment on house #1, #2 and #3.
That said my parents did give us a housewarming monetary gift which was not needed but super sweet of them to do.
Didn't help with down payment for child #1 but as my parents did, we gave him a housewarming "monetary gift" .. not by any means a lot but what we felt was nice.
That said my parents did give us a housewarming monetary gift which was not needed but super sweet of them to do.
Didn't help with down payment for child #1 but as my parents did, we gave him a housewarming "monetary gift" .. not by any means a lot but what we felt was nice.
Posted on 4/17/20 at 2:04 pm to YF12
quote:
Why would the bank you are getting a mortgage at ever need to know where 30k came from? Unless you are homeless its not crazy for anyone to have had 30 grand sitting around for a house payment. Where it came from should never even come up at all. What banks are you people using? Or maybe you need to talk less.
OP, don’t listen to this idiot
If you gift your kid money for a down payment then it’s one form you fill out for the mortgage company and you wire the money directly to them. It’s very common and very easy to do.
I just went through this process.
ETA: you can wire the money to your kid first, but it’s a little more paperwork
This post was edited on 4/17/20 at 2:12 pm
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News