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Providing gift equity to multiple family members

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JBT Guest	Posted: Wed Jan 25, 2012 9:48 pm    Post subject: Providing gift equity to multiple family members Like 0 Dislike 0 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 $52,000? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 514 Location: Australia 82.40 Dollars($)	Posted: Thu Jan 26, 2012 1:47 am    Post subject: Hello jbt, Like 0 Dislike 0 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. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Jan 26, 2012 1:57 am    Post subject: Like 0 Dislike 0 Hi JBT, As far as I can understand, yes your brother will be able to give the gift amount to you and your family in order to avoid taxes. Nevertheless, if you have any doubts, you can contact a tax adviser and take his opinion in this matter. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Jan 26, 2012 1:17 pm    Post subject: Like 0 Dislike 0 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. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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