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Don't we have some financial people here? Question about my dad gives me a cash gift for a down payment on a house.

Posted by sycor May 27 '22, 15:13

So I know there is a $16,000/yr amount at which point there is no penalty to either party. But it looks like if you exceed that 16K then it goes against the 11 million lifetime gift giving.

So, if he give me 80K, does he end up having to pay a penalty? Do I? From what I can tell the answer is no and it just takes away some of the estate exclusion when he dies (I'm an only child so I get everything regardless.) But I don't really understand the estate exclusion either so that's a whole other thing.

We both live in NC if that matters, which it might, since it looks like NC doesn't have estate tax or inheritance tax.

Responses:

its called a "gift of equity" - Lafarrow May 27, 16:35 1
- Not unlike a visit from Lafarrow. -- nm - Spawn May 27, 22:47
Another thing: Double-check any loan or mortgage documents. - RelutantCynic (Oregon State Beaver Believer) May 27, 15:33
My understanding of gift taxes is that your understanding is correct. -- (edited) - znufrii May 27, 15:18 3
- Okay I just don't want him (or me) getting screwed and having to pay a penalty something. - sycor May 27, 15:21 2
  - Thank you for the house. -- nm - Taxman May 27, 16:08 1
    - ~be thankful I don't take it all~♪ -- nm - george H May 27, 16:19

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Don't we have some financial people here? Question about my dad gives me a cash gift for a down payment on a house.

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