Home Forums Decaffeinated Coffee If Im the ony one to give complete down payment to children… Reply To: If Im the ony one to give complete down payment to children…

#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