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Plan ahead - the only way to "stay ahead" of the painful paperwork involved!
We last bought in 1972 -- had no idea this existed. She found out getting preapproved.. I think the fact that the IRS form is only filling out a form with our CPA saying you gave "X" dollars to whomever - point being then it only triggers taxes when you give over $1 million to someone ( won't ever happen here - we wont ever pay taxes on it).
We last bought in 1972 -- had no idea this existed. She found out getting preapproved.. I think the fact that the IRS form is only filling out a form with our CPA saying you gave "X" dollars to whomever - point being then it only triggers taxes when you give over $1 million to someone ( won't ever happen here - we wont ever pay taxes on it).
Actually the lifetime limit has increased drastically, to currently over $5 million.
As long as you stay at or below the annual limit, it never comes into play.
I know we talked about this before but I had some questions. Let's say family and friends each donated $14,000 or whatever the limit is for New York State before getting taxed. How does that work out? Let's say for arguments sake that people want to help out and donate towards a down payment. And it worked out like the following?
Cousin gives 12k to husband to be.
Cousin gives 12k to wife to be.
Father gives 12 to husband.
Father gives 12 to wife.
Mother, and so on.
It's various people are giving donations into a bank account is that okay?
Yes. We did this.
As Elke stated above get the money in your accounts prior to having the banks look at them during the mortgage process.
When I applied for my mortgage the bank questioned deposits my wife made to my account and I had to show her cancelled checks to prove those were in fact from her. If you're paying for the downpayment with assistance from several others, most likely the underwriter will see that as an indication that you cannot afford the home on your own and deny you. I used to underwrite loans and to be honest that's what I'd do.
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