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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Our solution was to have DD prequalify for a mortgage she could afford on her own. She found a condo well below that amount. We put up the minimum amount to get her through closing (about $50,000) and now she’s on her own. Her mortgage payment  is almost $1000 less than rent would be and now she’s able to save some money. It kept sanity in our relationships and we paid less than a year of her college bills. Nice if it works. [/quote]

Also ridiculous. So - no one lets their kids grow up on their own anymore? $50,000??? [b]I hope this grown up woman paid the taxes on that huge gift like she was legally required to. [/b]
Even if I had an extra $50,000 laying around I wouldn’t be giving it to my kid to ‘keep sanity in our relationship’ or any other reason except for maybe lifesaving medical treatment.[/quote]

Sigh.  No one on the internet understands gift tax law.[/quote]
True. And I feel confident the proper IRS filings were made and that yes, this girl’s lifetime “free” gift limit of $12,000,000 is now reduced by $50,000. [/quote]

Or potential loophole - mom or dad is co-owner of the shared bank account with DD so I assume money transferred from mom account 1 to account 2 is fine.  Not a lawyer though so I could be wrong here.[/quote]

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