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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]People here really love to humble brag about their wealth. Tone deaf, especially when so many people are struggling right now. [/quote]
What an idiotic comment. Are you seriously saying bc someone can’t ask a question relevant to their situation bc others are worse off? A rising tide lifts all boats - the more successful I am, the more people I employ, taxes I pay, donate, etc. If a gift of a down payment can help someone get on the property ladder and move up, why not? OP, talk to your estate planner or wealth manager bc we were specifically given an amount we can “give” to each child annually w/o tax consequences. Each child has an account that is set up tax efficiently and will eventually be used for a down payment. [/quote]

This---It's currently 19K/year.  But you each give your kid that, and also each gift their SO/Spouse the same, and same for once they have kids.

[/quote]

Sigh, the same incorrect info, repeated again and again.  You give whatever you want to your kids and not have to pay any taxes on it, as long as it doesn't total up to $14 million+ over the course of their lifetime (including from your estate, I think), and then you only start paying taxes on it on the amount over $14 million.

If you give someone more than $19k in a single year, you do have to fill out an IRS form that tracks what you are giving them each year.  But you don't pay taxes on it.

And also, if you stay under $19k/year, you not only don't have to fill out the form, you don't have to include it in the $14 million lifetime number.  It's the annual exclusion from that calculation.[/quote]

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