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Reply to "Did you get parental help to buy any houses you own? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don’t understand those who are just getting 1 million dollars towards a house. There are tax implications. [/quote] No, in most cases. You have to file a form with the IRS to report the gift. When the giver dies, that amount is deducted from the estate exclusion amount. The current exclusion amount is $13.61 million per person, and is portable between spouses so $27.22 for a couple. For a $1 million gift, the exclusion would drop to $26.22. If you’re worth more than $26m, your estate will pay the tax, and you’re likely have other estate planning measures in place, anyway. The exclusion amount could go down in the future, but the IRS has indicated in the past that it wouldn’t penalize people for making gifts when the exclusion amount was higher. [/quote] Exactly. Plenty of people get $1m plus for houses around here. [/quote]
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