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August 22, 2011 12:04 am at 12:04 am
#800723
zahavasdad
Participant
Actually putting the house in OP’s name is actually smart, You are NOT allowed to legally give anyone more than $10,000 otherwise they have to pay a Gift tax from the IRS.
If you keep the house in OP’s name and let your children live there for free they dont have to pay the gift tax.
Besides the Bank does not like when parents give large down payments, it a sign of a bad loan
