How to avoid Taxes if parent is helping down payment for house?

Currently, I'm not married yet, but our closing date on the house is coming soon. My dad is going to give us $30,000. At 1st he wanted to transfer it to my account and I would write a big check. But wouldn't this trigger an audit and taxes will be asset? To avoid this, could he just write it out to the title company?





Thanks so much in advance as I'm in much need of help!How to avoid Taxes if parent is helping down payment for house?
You and your Dad could declare it as a one time big gift. I'm unsure what current limits the IRS have set for one time gifts from a relative. Check out IRS's website or talk to your tax agent.How to avoid Taxes if parent is helping down payment for house?
Have him give you a series of money orders and/or certified checks and/or cash for odd amounts that total $30K. Make them all under $8k. Don't deposit them all on the same day.





My old boss had us do this all the time. He did pay taxes on everything, but he didn't want to trigger any inquiries.
You are allowed to receive a ';gift'; as part of your down payment on a home. Each bank has different guidelines as to how much that gift can be.





For all of your financing questions, go to www.dreamhomefinancing.com
Have you considered putting less down to start? Then you can send in the rest as a principle reduction payment a little at time over the first 12-24 months.
Anything over $10,000 has to be verified, so yes 30k would be checked into, and 3 installments of $9,999 could be as well,lol. As for avoiding taxes, depending on how your dad got it, like if its coming out of a IRA or just a normal bank account will depend on its taxation, if hes going to write you checks in various amounts you probably wouldnt get taxed on it, that would take a lot of check writing though.





If you are getting a loan on your home, the lender must know the amount that has been given to you gifts are okay, they just need to know, or thats pretty illegal (fraud). They need to know that because if you are having to get help to purchase the home they want to be sure you can make payments on the home. If this will rock the boat to much you may need to have your parents on the loan and you as a coborrower for a little bit and then in a couple years refinance in your name. Your name can still be on the deed and everything but thats a pretty big gift and needs to be recorded correctly for everyones sake, its just not worth it, especially right now everyone is getting checked out (banks, appraisers, lenders, etc)





congrats on the wedding and new home! hope it all works out. and im really wondering how you got this far without that money already being recorded somewhere or someone not asking??? you might need to be sure you are working with ethical brokers.