Posted on: 25th Jan, 2012 08:48 pm
My brother is selling us he property and is graciously willing to provide gift equity in the amount of $52,000 for our down payment. To avoid gift taxes, can he gift $13,000 to myself, my wife, and my two kids for a total of $52,000?
Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.
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Hi JBT,
As far as I can understand, yes your brother will be able to give the gift amount to you and your family in order to avoid taxes. Nevertheless, if you have any doubts, you can contact a tax adviser and take his opinion in this matter.
As far as I can understand, yes your brother will be able to give the gift amount to you and your family in order to avoid taxes. Nevertheless, if you have any doubts, you can contact a tax adviser and take his opinion in this matter.
JBT, you didn't mention the ages of your children; assuming they are of legal age, it would seem appropriate to use that method to facilitate the transaction.
I'm so happy you were able to be given a quasi-definition of what a gift is from Sabrina. It is advice like that which will put you in your grave before long, if you choose to accept it, I'm afraid.
It would behoove you to check out the IRS website to see if you can get a more definitive answer to your gift query.
I'm so happy you were able to be given a quasi-definition of what a gift is from Sabrina. It is advice like that which will put you in your grave before long, if you choose to accept it, I'm afraid.
It would behoove you to check out the IRS website to see if you can get a more definitive answer to your gift query.
