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SVTPerformance's Chain of Restaurants
Road Side Pub
Tax gurus. I need advice.
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<blockquote data-quote="tallfreak" data-source="post: 11989950" data-attributes="member: 70717"><p>My wife and I are about to buy a house and my grandfather wants to give us a significant amount of money to help us get started. From what I have read online, if he doesn't give more than $13k in one year he will not have to pay gift taxes on it. My question is could he give me $13k and my wife $13k separately and avoid the taxes? I will be the only one on the mortgage, so I don't think I could use her money as down payment, but my portion of the money would be more than enough. We would like to use hers for appliances, furniture, and fixing the house if we could do it that way.</p><p></p><p>I don't think we will have to pay income taxes on the money, but I don't want him to have to pay. We currently live in Mississippi, but we are buying a home in Tennessee by the end of the year hopefully.</p></blockquote><p></p>
[QUOTE="tallfreak, post: 11989950, member: 70717"] My wife and I are about to buy a house and my grandfather wants to give us a significant amount of money to help us get started. From what I have read online, if he doesn't give more than $13k in one year he will not have to pay gift taxes on it. My question is could he give me $13k and my wife $13k separately and avoid the taxes? I will be the only one on the mortgage, so I don't think I could use her money as down payment, but my portion of the money would be more than enough. We would like to use hers for appliances, furniture, and fixing the house if we could do it that way. I don't think we will have to pay income taxes on the money, but I don't want him to have to pay. We currently live in Mississippi, but we are buying a home in Tennessee by the end of the year hopefully. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Tax gurus. I need advice.
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