How can I get money from my parents without paying a lot of taxes ?

Real Estate 2 views 3 answers
I need to buy a house and my parents can give me half the amount of the house. I don't want them or me to pay any big taxes or fees, because that will just take away most of the money.

Attorney Answers

3
Alan Brinkmeier ·
Seek Legal Advice about how to plan the transaction. Gift amounts that large are taxed. Gift restrictions amounts apply to the giver.
0 upvotes
Paula Sinclair ·
Time for a consultation with an experienced tax practitioner who can advise based on actual facts. Be prepared to learn that the general rule is that a gift over about $13,000 requires a gift tax return, but does not generate an immediate tax liability due to the lifetime transfer tax exemption amount, and the $13,000 benchmark applies to the gift from one person to one other person, so if a married couple give to another married couple, multiply 4.
0 upvotes
David Zaslavsky ·
You should speak with an attorney who has experience with real estate and tax law.
0 upvotes

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