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Parents Helping Kids Buy Homes
Description
Parents helping kids buy a first home? Big deposits can come with a tax surprise—if given within seven years of death, it counts toward inheritance tax. But there’s a smart workaround: the annual gifting allowance lets you give up to $3,000 tax-free per year (with a rollover option), plus a separate $250 allowance per person. Lenders want proof it’s a gift, not a loan, so paperwork matters. Alternatives like being a guarantor or co-signing the mortgage also help. Know the rules now—because saving your kid’s dream home shouldn’t come with a tax bill later.
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