Anonymous wrote:

Anonymous wrote:18:51 here. I associate more with the self made, is my point. I don't have much in common with spoiled adults.

Our parents more than had the money to send us and did not. Perhaps they were just cheap. But in hindsight, I am grateful. We would not be where we are today if everything was handed to us.

Or you are intimidated by those with family wealth. Your bravado hides your insecurity.

Getting help from your parents does not make you a "spoiled' adult. I know so many people who are tremendously successful who have had a lot of help from their parents. Your worldview is so limited if you think not getting help from your parents somehow makes you superior. Get out more!

Anonymous wrote:

Anonymous wrote:The gift limit this year is $14,000. So your FIL could give you and your spouse each $14,000 and your MIL could do the same for a total of $56,000. That is if you want to consider the money a gift and not a loan. If it is a true loan, instead of a gift, with a repayment schedule, then the rules change and your lender might not consider it as true down payment.

I would not worry about this limit. Gifts that exceed the limit count against the lifetime exclusion, which is over $5 million ($10 million for married couples). so unless you are extremely wealthy the gift limit is irrelevant.

Even so, if you exceed the gift limit in a given year, a tax return has to be filed. So, while it only counts against the lifetime exclusion, it does trigger a reporting obligation.

Anonymous wrote:18:51 here. I associate more with the self made, is my point. I don't have much in common with spoiled adults.

Our parents more than had the money to send us and did not. Perhaps they were just cheap. But in hindsight, I am grateful. We would not be where we are today if everything was handed to us.

Or you are intimidated by those with family wealth. Your bravado hides your insecurity.

Anonymous wrote:My pet peeve is when people on this forum talk about how much their relatives or spouse are giving/providing and then they say "I am blessed." Don't know why it bothers me, but it just seems insincere. It's as if people gradually build up the bragging and then try to back peddle or make themselves feel like they are humble or appreciative.

+1000

Anonymous wrote:

As long as the money is in your account for 60 days, it is considered "yours". No gift letter is needed.

This. For anyone who may do this in the future, this is the way to go. Have the gift givers give you the money, or put it in an account to which you are a cosigner, and it's yours, with no additional documentation needed. During those 60 to 90 days, you can get to know neighborhoods, find a realtor, go to open houses, etc. Then when that time is up, you're ready to get preapproved and move on a house.

that's illegal as fuck

As long as the money is in your account for 60 days, it is considered "yours". No gift letter is needed.

This. For anyone who may do this in the future, this is the way to go. Have the gift givers give you the money, or put it in an account to which you are a cosigner, and it's yours, with no additional documentation needed. During those 60 to 90 days, you can get to know neighborhoods, find a realtor, go to open houses, etc. Then when that time is up, you're ready to get preapproved and move on a house.

2204 perhaps you have an anti Christ spirit within you.

Same with old money

Hover No More: Helicopter Parents May Breed Depression and Incompetence in Their Children

Read more: http://healthland.time.com/2013/02/22/hover-no-more-helicopter-parents-may-breed-depression-and-incompetence-in-their-children/#ixzz2OblSYSlO

My pet peeve is when people on this forum talk about how much their relatives or spouse are giving/providing and then they say "I am blessed." Don't know why it bothers me, but it just seems insincere. It's as if people gradually build up the bragging and then try to back peddle or make themselves feel like they are humble or appreciative.

My parents did this. On the first house it was a loan that I paid back to them with market rate interest, and the second house it was a gift (their idea). But I recall that there may be tax implications if you are paying back with interest that is lower than market rate. Check this with a CPA first -- it might be that at 0% IRS would require you to pay taxes on it since you aren't paying market rate interest.

If you are living in the U.S. and your made it out of high school you are soooo far advantaged over the vast majority of humanity you can't imagine it. Get over yourselves with the "up hill both ways" pissing arguments.

20:02. Ok, so you are arrogant and presumptuous. Just say that silly. No need for the essay.

18:51 here. I associate more with the self made, is my point. I don't have much in common with spoiled adults.

Our parents more than had the money to send us and did not. Perhaps they were just cheap. But in hindsight, I am grateful. We would not be where we are today if everything was handed to us.

Anonymous wrote:Dh and I bought our house with our own money. We also paid for school ourselves.

Good for you. My parents paid for school, gave me a down payment, and have small college funds for my kids. What is your point?

My parents are not rich either, they are good savers who are very generous. I have learned a lot from their kindness and hope to return it to my own kids. I am sure you have learned lessons as well from your experiences.