Give A Home To Your Son or Daughter
The Holiday Season is here and what a better way to celebrate it by giving. Why don’t you give the gift of a down payment for a house to your Child?
You and your spouse are allowed to give a total of $26,000 or property a year to whoever you want tax free for you and for your recipient. That is $13,ooo from you and $13,000 from your spouse.
What does this mean to you Child?…
This gift could help him or her qualify to buy a home and take advantage of the federal government’s tax credit – recently extended till June 2010.
Another gift idea could be to sell your house to your child, so you can upgrade your home. If you son or daughert wants to buy your house it will be better to gift some of the equity in the house rather than cash. Keep in mind that this will include more leagal paper indicating that you are giving your child a gift and do not expect to get paid back – it is a gift not a loan.
To search for our property inventory go to www.AtTheBeachPanamaCity.com