Can I Use Gift Money From My Parents To Buy A Home In 2021?
Can I Use Gift Money From My Parents To Buy A Home In 2021? http://www.mymortgageguydan.com
Yes! You will also learn the answers to the following questions in the 10-minute video below with the help of a top local tax advisor with Toyer Tax:
Q: Who Can Gift Money?
Q: Do I have to be a first time home buyer to receive a gift?
Q: What is the max amount of gift money a parent can gift?
Q: What are the tax consequences for gifting or receiving gift funds?
Q: What form do I complete and send to the IRS and who completes it? The donor or recipient?
My name is Dan Keller, I'm located in the heart of the Puget Sound (Edmonds, WA) and I've been recognized as a Top 1% Loan Officer in America since 2016. I've taken a few moments with my tax advisor to help you better understand the gift money protocol and the IRS tax consequences associated with gifting and receiving gift funds from family.
Let me know your thoughts and questions in the comments below. If you found this information valuable, give me a thumbs and reach out to me if I can help you in any way!
**Disclaimer: My name is Dan Keller, I am a mortgage professional at CrossCountry Mortgage in Edmonds, Washington. Since 2016 I've been recognized by Mortgage Professional Magazine and Scotsman Guide as a Top 1% Loan Officer in America. I'd love to connect with you if you have mortgage questions! You can reach me directly below :)
Dan Keller
Mortgage Advisor (mlo# 115349)
(425) 350-7136
[email protected]
CROSSCOUNTRY MORTGAGE (nmls 155732)
8129 Lake Ballinger Way Suite 105
Edmonds, Wa 98026