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Gift to Son |
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After gifting money to our son 24K in 07 & 24K in 08 we would like to add 27K of our own money to purchase the house with him.
Is there a way to do this without our name being on the mortgage? Maybe just be on the deed or title as having a small ownership % which we could later gift to him.
We live in WI. He is house hunting in Southern CA.
Thank you for any pertinent info!!! |
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I believe mortgage lenders will want all owners to sign responsibility for the mortgage loan. You can always ask a mortgage broker about it.
But you know, you can give your son up to a million dollars, besides the yearly tax-free amount, with no gift tax due. The extra just comes off what you could leave him free of federal estate tax at your death. |
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Edith
Originally published on November 27, 2007 |
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