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Mortgage Bank of Mom & Dad.(Ahead)(Brief article)
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Kiplinger's Personal Finance Magazine
- Article date:
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September 1, 2007
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Copyright informationCOPYRIGHT 2007 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: PATRICIA MERTZ ESSWEIN
Should we help out with the down payment on our son's first home?
In formerly hot markets, especially where condos are rife, parents should think twice before forking over money to young and restless kids now that quick appreciation is less likely. But if your son expects to own the property for at least a few years, fine. Even with your gift, lenders may require him to come up with a chunk of change (see "How to Shop for a Mortgage Today," on page 84).
The IRS allows you to give your son (or as many people as you want) up to $12,000 annually without worrying about the federal gift tax. So, along with ...
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