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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Gift Q re: $ from relative...
DH's uncle is going to give us $$$ for a down payment, which after speaking to DH's parents, it is actually an advance on money DH would be due when DH's uncle passes away...(his inheritance)---he's the only nephew/niece
WELL, few q's....do we need this $ in bank b4 we're qualified for a mortgage?
Does "uncle" have to pay a gift tax?
How is that handled?
Thanks so much!
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Posted 6/22/07 6:21 PM  |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: Gift Q re: $ from relative...
When we were buying our house we were unsure if we would have enough money for our downpayment and closing costs and wanted to borrow money from my grandparents just in case.
What they have to do is just fill out a piece of paper that you will get from whoever does your mortgage and it will state that your uncle is giving you a gift in the amount of X dollars. That's really all. At least that's how it was two years ago.
Cin - if you need any help with anything real estate related just let me know (I don't know how much I can do in the beginning with a newborn but I can try my best to help with whatever I can) And, I believe you are looking in the areas I cover so hopefully I can be of some help if you have questions.
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| Posted 6/22/07 6:42 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Gift Q re: $ from relative...
His uncle can only gift one individual upwards of $11,500 or $12K a year w/o having that individual having to declare it on their taxes and the uncle having to pay a gift tax.
One way you can get around this is that the ucncle can give 12K in your name and 12K in DH's name.
Message edited 6/22/2007 7:07:31 PM.
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| Posted 6/22/07 7:07 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Gift Q re: $ from relative...
The most a "gift" can be, per year, is $11,000.
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| Posted 6/22/07 7:33 PM |
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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Re: Gift Q re: $ from relative...
There's no other way around it? I thought under 10k you don't have to "claim" it...so what if we kept getting increments of 8k, 5k, etc. at different times?
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| Posted 6/22/07 8:30 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Gift Q re: $ from relative...
Posted by SweetCin
There's no other way around it? I thought under 10k you don't have to "claim" it...so what if we kept getting increments of 8k, 5k, etc. at different times?
Yes, under $11,000 is fine.
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| Posted 6/22/07 8:31 PM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: Gift Q re: $ from relative...
Posted by Tah-wee-ZAH
One way you can get around this is that the ucncle can give 12K in your name and 12K in DH's name.
This is how we did it.
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| Posted 6/22/07 9:55 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Gift Q re: $ from relative...
Posted by SweetCin
There's no other way around it? I thought under 10k you don't have to "claim" it...so what if we kept getting increments of 8k, 5k, etc. at different times?
that's what I would do
just keep going to the bank with anything less then $10K
but if you bring a large check- and deposit it- you don't have to fill anything out
DH once got a large commission check and I put it into my account- no questions asked
the money generally needs to be in your account for 3 months to be considered yours- just as an FYI
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| Posted 6/23/07 12:20 AM |
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