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Gift money for a house downpayment
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I'm going to try to keep this as short-winded as possible.... I'm purchasing a house. The loan will be in my name and deed will be in both my name and my fiance's. My fiance's parents will be helping us meet the 20% downpayment. We're aware that there is a gift 14k limit from each person.
What I'm wondering is if parent a gives me 14k, parent b gives me 14k and fiance pays more than 14k towards the down payment will my fiance face any kind of tax repercussion?
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- 7 years ago
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