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Can I assist my daughter in purchasing a home? Can I give

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Can I assist my daughter...
Can I assist my daughter in purchasing a home? Can I give her money for a down payment and how will that affect me. If I gift her money?
Submitted: 1 year ago.Category: Tax
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5/16/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,878
Experience: 15years with H & R Block. Divisional leader, Instructor
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HelloYes you can give your daughter the down payment. If the amount you give her is more than $14,000 (annual gift allowance) you will have to file form 709 but you will not have to pay tax as long as you have not given more than your lifetime allowance (currently $5.45mil).The effect on you will just be a reporting requirement.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Reply belowIf you give your daughter $200000 you will have to report but you will not have to pay tax as long as you still have enough of your lifetime allowance.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
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Category: Tax
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