According to the new survey from Trulia, home buyers are struggling with coming up with a down payment, which is preventing them from buying. This got me thinking of ways to help home buyers in these tough times. Christmas is coming, what a better time to ask for a little HELP from Santa!
Instead of asking for the new Gucci bag for Christmas, why not ask the family for a contribution to your new home. Keep in mind, “under federal tax law, each individual is permitted to give away money
or valuables worth up to $13,000 to a single recipient in a calendar
year,” according to an article in The New York Times. “A married couple
could jointly bestow up to $26,000 a year per recipient.”
Anything above the maximum annual exemption could be considered a taxable gift and must be reported to the IRS.
Feel free to call or email me with any questions on home buying!
