Would You Like to Help Your Kids Buy a House?
Wow, the holidays are over, the new year has arrived, and it’s time to get back to living a normal life. Normal to some folks, and maybe including your own kids, is going home to an apartment or rental house. As a family, we always want to help when we can, especially when it concerns our children. There is away you can help if ones able. The IRS says a person can “gift” up to $13,000 towards another person purchasing a home. There is no tax consequences when gifting as long as it is done correctly. Just think?-if both sides of the family”gift” the amount or any part of it, there would exist the possibility of a down payment for the home purchase for the kids.
The $8000 tax credit still applies when “gifts” are given for a first time home purchase. Mortgage rates are still low but the housing inventory is shrinking due to current sales trends. Wow, one of the greatest feelings I had as a parent, was helping my son purchase his first home. I wanted his young family to have their own house they could call home.
