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Video instructions and help with filling out and completing gift of equity letter pdf
With remax folder video podcast today we have GT / Lang Berger who is an attorney an affiliate to us remix the boulder helps our clients out a lot Jeana thanks for being here today happy our topic today Jean has been getting a lot of calls lately every topic so we thought we'd better share some thoughts about it and it's about gift taxes I understand you getting a few Franti calls from folks that have gifted some money maybe for down payment to their children and are a little nervous about that's right that's right so you know how expensive real estate in Boulder I've heard that and so a lot of times parents will gift kids the money for a down payment kids can take on the monthly payments but saving up for that down payment can be hard right and then I get phone cost well gosh I promised my kid I would give him the money for the down payment and now I'm reading if it's over a certain amount that I have to be taxes on it and I didn't realize that this was the case what's up and usually you don't have to pay gift taxes on a transfer so that's what I really want to clarify and I know you probably realize all the time who are trying to do this sure they're trying to write helping their kids for down payment or asking the parents okay and so in my mind it's what like 14,000 that can be gifted without a problem so like if a parent wants to give fifty thousand for a down payment what happens in that case right so so let's tease out the details of the gift taxes okay so the tax code distinguishes between non-taxable and taxable gifts and the most common non-taxable gift is one that's below that exclusion amount so now that exclusion amount is fourteen thousand if someone gets to someone else an amount under fourteen thousand then they don't have a taxable gift right so that's why that is Mississippi right or as the giver okay right and that that exclusion about a fourteen thousand is per person so mom and dad or a married couple want to gift one of their kids the down payment for a house together they each have fourteen thousand so 28,000 they give to their kid okay to make a down payment not a taxable gift 20,000 in that scenario but I don't know what you're thinking what a lot of my clients are thinking if that's not enough for a down payment and molder right so then the question is do they do they owe taxes on the amount over that and no usually they don't okay so it does depend on how wealthy someone is but every individual has a unified gift and estate tax credit of five point four nine million today okay that sounds like a big number that's a.