Boca Mortgage Blog

How Mom And Dad Can Help You Buy A Home

July 16th, 2014 4:40 PM by Leonard Silvestri

        
                   

 Young people have to struggle to purchase their first home, and who better to assist them on this venture than their parents? A third of first-time homebuyers borrowed money from their parents or relatives last year, and this percentage can be higher in more expensive areas. Read the following article for tips on how to best handle the gift or loan of a down payment.

Anything over this amount is subject to gift tax. However, rather than paying the gift tax, it is first deducted from the giver's lifetime gift-and-estate tax exclusion, which is $5.34 million per person (indexed to inflation). This is the total amount a person can give during life and upon death free of gift or estate tax.

Posted in:General
Posted by Leonard Silvestri on July 16th, 2014 4:40 PM

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