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Christopher B, Esq.
Christopher B, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 2983
Experience:  associate attorney
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We want to buy property in Hawaii with my son-in-law. My

Customer Question

We want to buy property in Hawaii with my son-in-law. My daughter recently passed away and left him life insurance. We wanted to put $100,000 down and finance the rest. The mortgage company does not want him on the loan because he has only been self employed for 18 months but they will finance us to buy the home. They said we could put him on the title since we want him to have it when we are gone. They said he could gift me the $100,000. I can't afford a gift tax. Is it a gift if he is on the title? I am on his checking account so is it a gift? I can withdraw the money myself. I don't want to get too far into this without knowing.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Christopher B, Esq. replied 1 year ago.

My name is ***** ***** I will be helping you tonight. Thank you for your question and for using

If he gifts you $100,000 for the down payment then it would be a gift. Understand that the person receiving the gift does not pay any gift tax. First of all you can give away $14k per year without any gift tax and $5.43 million during a person life that goes toward the lifetime exemption before ANY gift tax is paid. It is unlikely anyone will pay any gift tax on this transaction unless there have been very large gifts given through his lifetime. It is possible that if you put him on the title that you would also be gifting him the portion that he receives of the house. Again, the same gift tax rules would apply.

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Expert:  Christopher B, Esq. replied 1 year ago.

Just checking back in, do you have any further questions?