Anonymous
04/02/2024 12:15
Subject: Did you get parental help to buy any houses you own?
In NYC and DC there are often income restricted condos and coops for sale I often see parents helping their single kid with buying.
Anonymous
04/02/2024 12:14
Subject: Did you get parental help to buy any houses you own?
Anonymous wrote:My parents gave me 125k for downpayment of our first 650K home (in 2015), i had saved up the same amount (I was 32 and we had 2 young kids in nanny share).
Then 7 years later DH's mom got a surprise inheritance and gave us a million to buy a 1.5M house...
And also: my parents are not wealthy, they were frugal teachers. They gave the same amount to their 3 kids for a downpayment. They pushed us to have very frugal weddings though and we had to finance at least half. We were also able to graduate with minimal student debt thanks to their help and guidance.
I really admire their financial skills and generosity (they could have upgraded their house, gone on cruises etc... instead of helping all of us). I plan to do the same with my kids. My money is their money, i will def help them along the way as much as i can, but for things that matter: education and a home.
Anonymous
04/02/2024 12:10
Subject: Did you get parental help to buy any houses you own?
Anonymous wrote:Anonymous wrote:I don’t understand those who are just getting 1 million dollars towards a house. There are tax implications.
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.
This, given the current ceiling there are no tax implications if the lifetime inheritance is under ~13M. I am the poster right above whose DH got a million from his mom
Anonymous
04/02/2024 12:09
Subject: Did you get parental help to buy any houses you own?
My parents gave me 125k for downpayment of our first 650K home (in 2015), i had saved up the same amount (I was 32 and we had 2 young kids in nanny share).
Then 7 years later DH's mom got a surprise inheritance and gave us a million to buy a 1.5M house...
Then 7 years later DH's mom got a surprise inheritance and gave us a million to buy a 1.5M house...