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Gift tax/down payement

Bronx, NY |

I'm trying to buy my first apartment. My parents are going to give me the money for the down payment (about $30,000). Can they give it to me as a gift, without running into gift tax issues, since it is going directly to the down payment?

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Filed under: Gift tax Tax law
Attorney answers 2

Posted

I am not licensed to practice law in your state.

This information is given for educational purposes only. No attorney-client relationship exists between us.

Either you or your parents would have to pay the federal gift tax for any amount over $12,000. I do not know if New York state has a its own gift tax.

Posted

New York no longer has a gift tax. The annual federal gift tax exclusion is $12,000 ($24,000 for married donors) for 2008 and $13,000 ($26,000 for married donors) for 2009. In addition their is a lifetime exclusion of $1,000,000.(This is not considered to be a substitute for legal or tax advice.)

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