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Started By
Message
re: Mortgage payments
Posted on 4/17/20 at 2:18 pm to Paul Allen
Posted on 4/17/20 at 2:18 pm to Paul Allen
quote:
Paying the down payment on your child’s first house
I disagree. There should be things that one works for that doesn’t involve passing down of assets from mom and dad.
Get a grip. OP’s kid may be a teacher in a rural catholic or public school in the Deep South, making stupidly low pay but doing essential, important work. Or is a social worker who counsels abused children—neither of those are well paying positions, but both are necessary in our society. Or consider that he a solid worker but limited in earning capacity due to health or aptitude issues. (Not everyone is a genius like the posters on this board.)
If his pops wants to kick in some cash so he can quit renting, who are YOU to judge that he isn’t “earning” what he gets? This might be the dumbest take on a parental gift I’ve ever seen on this board. It’s completely gross, suggesting that OP’s kid shouldn’t accept a parental gift toward a house because he didn’t “earn” it.
0
Posted on 4/17/20 at 3:50 pm to Tigerfan56
Odd how this has struck a nerve with posters on here when all I’m saying is that some thinks should be earned and worked for not just mom and dad paying for the “big” things in life.
Posted on 4/17/20 at 3:56 pm to Tigerfan56
quote:The limit is $30k annually for couples filing jointly.
But if your child is single, you should consider the tax ramifications of gifting them $30,000 - you’ll have to pay gift taxes over whatever the current limit is.
Posted on 4/17/20 at 8:13 pm to UFownstSECsince1950
You can gift your child $15K tax free. Your spouse can do the same. No gift tax.
Posted on 4/18/20 at 7:32 am to UFownstSECsince1950
I’ll end up building both my kids houses and probably never get paid back 
Posted on 4/18/20 at 8:42 am to UFownstSECsince1950
Co-signing would be the kiss of death and I would never do that but you can gift your kids money for a down payment but the banks usually require a letter stating how much you are gifting. It cannot be a loan.
Posted on 4/18/20 at 9:15 am to Tigerfan56
quote:Right.
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
So technically one couple can give another couple $60K if it is structured correctly.
Posted on 4/18/20 at 9:40 am to MMauler
Why would this post be downvoted? Mmauler is correct. The OP needs to read this post and Cajun Crickets post.
Posted on 4/18/20 at 9:44 am to lsu xman
Or use part of your lifetime exemption amount now to give more now without a tax penalty. You just need to file with the IRS that you went above the annual gift and will be using part of your lifetime exemption.
Posted on 4/18/20 at 10:48 am to UFownstSECsince1950
I think it is great that you are able and willing to do that for your child. I haven’t given much thought to such a scenario since it is likely out of my financial reach, Given the opportunity I would think “gifting” them the money within IRS limits would be the most efficient way to go. Each parent could give the maximum to the child, assuming both parents are living.
Posted on 4/18/20 at 12:31 pm to Paul Allen
Drives me crazy when a young couples’ first home is as nice as their parents’ 5th house, yet they can’t afford it.
Posted on 4/18/20 at 10:41 pm to Tigerfan56
He offers opinions on many things on which he is uninformed and/or just clueless. It’s what he does.
Posted on 4/19/20 at 9:32 am to Gpfather
quote:
Drives me crazy when a young couples’ first home is as nice as their parents’ 5th house, yet they can’t afford it.
I’m going to come off like a dick saying this but it’s good advice for people like you.
Mind your own business and you’ll enjoy life much more.
Posted on 4/19/20 at 9:34 am to Murray
quote:
Mind your own business and you’ll enjoy life much more.
/thread
Posted on 4/19/20 at 11:08 am to Murray
quote:
Mind your own business and you’ll enjoy life much more.
There’s some truth to that.
Posted on 4/19/20 at 11:37 am to UFownstSECsince1950
quote:
UFownstSECsince1950
Put the $ towards helping their kids save for college, it will do more for you/them.
Problem with parents giving a down payment is that it opens access to higher value homes. Not only could that stress monthly income, it also affects how they perceive moving up in life
As in, I don't travel intl in coach because I got a taste of first class syndrome.
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