Tuesday, August 24, 2010

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.

How do you introduce a parent to a young child?

The child was abandoned by this parent when the child was a young toddler. She has never asked about her missing parent and is fine, very well adjusted with her one parent and family. There has been no contact or support all these years. Now, the parent who has been absent has shown up and given rights, by the court, to meet the child....... How is the best to handle this and should it be a process? Where is a good public location for this meeting?How do you introduce a parent to a young child?
My 16 year old just met her father after 15 years of him not being around. I would suggest that you consult with a child psychologist before introducing this child to someone they have never met. That seemed to help us through the process. They also have mediators that will come and supervisor the visits. You just have to request one through the courts.How do you introduce a parent to a young child?
i would go somewhere like McDonald's or somewhere that has a playplace. maybe a park if its not too cold. i also would not tell the child that the person is her parent at first, that would really confuse her. just introduce them and let them get to know one another. then later you can tell her how they are related. throwing too much at her at once will just confuse and overwhelm her. i have a similar situation with my foster brothers who don't remember their biological mother, they think my mom is their mom. which for all other purposes, she is. anyhow, we just introduced their mother by her name and let them play together. it wasnt bad at all. hope that helped :)
If it's warm where you are - the park. You don't want anywhere too noisy, or too busy.


Or try the zoo.


If it is cold, then try something that will entertain the child, so that the visit isn't strained.


I hope it works out well for you - just act as though it is an old acquaintance - not one you're too fond of. And don't let him take the child off on his own - that might frighten her.


Good luck. Hard as it is, this might turn out to be good. We all need love and if your ex has settled down, and matured, that will be good for your child.



i don't know how to handle the process but mcdonalds is a good place for visitation.
make sure to get an advice from a child psychiatrist before the first contact with the parent

How do you find out if a will was made from a deceased parent?

Are wills recorded, do you have to hire an attorney for search.


Deceased parent re-married, spouse will not communicate with me about estate/will.How do you find out if a will was made from a deceased parent?
Wills don't have to be filed with any agency until after the person is deceased. Wills have to be probated, which means submitted to the court, but this doesn't happen until after the person died.





You can contact the probate clerk in the county where your parent lived, and ask if probate has been opened for him/her. If it has been opened, you can get copies of everything in the file for the costs of copying fees.





You could also try calling lawyers in that area to see if they might have prepared the will for your deceased parent.





If you think your deceased parent had a will, but the surviving spouse is not submitting it for probate, or if there is no will, you can file to have the estate probated as ';intestate';, which means without a will. If this happens, the court will order the assets divided according to intestate laws of that state. If there is a will, that's when the widow will have to produce the will.





There may not be any assets that need to go to probate, however.





Many married people own their assets as ';joint owners with rights of survivorship';. That means that when one owner dies, their interest in the property is divided among the surviving owners. So if parent and step-parent owned that way, the surviving spouse gets full ownership of the property. In addition, if there is a pension or life insurance payout, that goes to any designated beneficiaries without being part of the estate of the deceased.





The only assets that might be able to be split could be personal momentos.





Also, if it hasn't been very long since your parent passed away, the widow might not have had time to even think about probate.How do you find out if a will was made from a deceased parent?
Wills are offered for probate in the local Superior Court after the death of the testator, and this hearing is where any person having a claim against the estate can appear and present their claim. What you can do is contact the clerk of the court, give them the name and date of death of your parent, and they can tell you if the will is scheduled for probate..


Another good source would be the executor, unless of course that is your step parent. If that is the case, then the rule of law is that there is a presumption of undue influence over your parent,


and what courts do is they negate any bequest to that person. If the whole estate went to the executor, I suspect that a court would be likely to invalidate the will and treat the case by law of


intestate succession.


What that means is that the estate would be divided according to specific rules contained in the probate code.
You should contact an attorney since the spouse won't communicate with you. They can advise you of your rights under intestacy if there is no will. They can also assist you in forcing the spouse to probate the estate even if there is a will.
go to your county court house and ask for the will on the person , that will tell you if there is one and if you are blood then take a id and birth certificate and you'' ll be able to see it , but warning the spouse has all rights unless marked in the will. its a shame there is nothing done about this for the deceded kids. my girlfriend lost here dad back in 2004 and he mothere died back in 1990 and he father remarried 3 mounths later and a year later came up with a brain tumor he finalyy past in 04 with his will being change evertime after 3 surgerys due to his new wife ( she was also a judges secertey) so she knew the moves to make. anyway after he lost eye site and memory after each surgery she had his will changed to he name and the kids got nothing form there child hood ( cause she told him to sell everything even the house they grew up in before she would marry him (sad) but unless noted in the will you wont get nothing but sadness ( i feel sorry for you) but go to the court house and look they will show you it. you alos can contest the will if u feel its not right. let me know what happens .
  • dermalogica
  • What makes a person transition from relatively sane young person into an overbearing parent?

    When you are a younger person, you know fully well that it's not okay to look another adult up and down disapprovingly and tell them that they need a haircut and to redecorate their house.





    Yet something happens at a certain age or with a certain experience that turns people into parents that drive their kids (and children-in-law) insane. What is it, and how can it be prevented?What makes a person transition from relatively sane young person into an overbearing parent?
    There is a natural conflict between teens and young adults' need to be independent and their parents desire to help and protect them. I sometimes catch myself making suggestions that my grown kids don't need or appreciate. Recently I pointed out that my son should get his hair cut and get some new clothes for a job interview. Did I need to tell him that at age 21? Of course not. But I forget sometimes. It's hard to stop being a mom.





    I try to prevent it by trying to see myself through their eyes. What would they want or need me to do in any given situation? It's usually pretty obvious when I look at it that way. What makes a person transition from relatively sane young person into an overbearing parent?
    Credit given in following text:





    Annual Review of Psychology


    Vol. 52: 197-221 (Volume publication date February 2001)


    (doi:10.1146/annurev.psych.52.1.197)





    PERSONALITY





    David C. Funder 颅





    Department of Psychology, University of California, Riverside, California, 92521; e-mail: Funder@citrus.ucr.edu








    鈻?Abstract Personality psychology is as active today as at any point in its history. The classic psychoanalytic and trait paradigms are active areas of research, the behaviorist paradigm has evolved into a new social-cognitive paradigm, and the humanistic paradigm is a basis of current work on cross-cultural psychology. Biology and evolutionary theory have also attained the status of new paradigms for personality. Three challenges for the next generation of research are to integrate these disparate approaches to personality (particularly the trait and social-cognitive paradigms), to remedy the imbalance in the person-situation-behavior triad by conceptualizing the basic properties of situations and behaviors, and to add to personality psychology's thin inventory of basic facts concerning the relations between personality and behavior.





    **************************************鈥?Now my interpretation:


    How they were raised, how you were raised...environmental, educational, genetics, ( LOL, being aggravated by their parents and then comes along their children) What goes around, comes around. Oh how I love to tell that to my kids when their kids are brats.
    A lot of times we encounter problems in many things during our lives and when we see our children doing the same we try to prevent them from the suffering by telling them what or how to do it. You will do it too if you love your grown kids and want to spear them the suffering. It is hard to stand by and see them with their regret.





    Anna del C.


    Author of ';The Elf and the Princess';


    and ';Trouble in the Elf City';
    i know...my biggest fear is turning into my mom ='(


    we are not very close and never have been. i want a better relationship w/ my kids. but sometimes, i catch myself doing things/reacting like my mother would....scary. ugh.





    to try to prevent it, i try to remember how i felt when my mom/ step-dad/ dad/ g-parents did certain things.
    Again its called child-birth and the only prevention is NOT to have children.
    it's called childbirth.
    They have offspring.
    Too many parents have trouble with the concept that their children are separate individuals who deserve respect, regardless of whether they're a year old or forty years old. Parents often treat children in a way they would never treat anyone else.





    It can be hard to get through to someone who thinks what you say doesn't matter, but some parents may be more willing than others to consider their grown child's input.





    My approach would be, I think, making it good and clear - maybe when the parent is on the phone and the conversation is ';just in general'; (rather than about the issue, itself) that nobody was to do anything at all in my house. If that didn't work I'd politely and directly discuss the issue and say something like, ';Mom, I appreciate that you're trying to help; but I'm someone (maybe like you were) who really wants to handle things in the house myself.';





    This may be the coward's the way out, but I'd do something similar with being criticized in general. I'd start with a general discussion about how I wasn't in the market for anyone's opinions. If that didn't work, I'd probably say something like, ';Mom, if I said that kind of thing to you would you like it?';





    (What makes it happen is children grow up, do their own thing, and are no longer under the control of parents when it comes to their rooms and clothes and hair. It can be the first time in their life that parents are faced with their sons or daughters doing something they'd do differently, and not all parents know that there's a point where you just go with what your son or daughter does (and that your opinion should only be given if asked).

    How much money should a parent give their kid for a gr8 grad?

    Just wondering cause my aunt is debating how much to give her son.How much money should a parent give their kid for a gr8 grad?
    Maybe start a savings account, put in $100 and he/she can add to it in the future. Let it be an incentive to put away cash.How much money should a parent give their kid for a gr8 grad?
    I got a new camera worth $70 and a new phone worth $80.





    I didn't get money but most of my friends got like 200 or so total from their entire family.





    I also got $50 from the school for getting an award.





    Where i come from 8th grade graduation is a big deal because we are in a pre-k thru 8 school. Most of us had been there for 9-10 years and leaving was a very big deal. Kind of like them sending us off to grow up the rest of the way.
    wow money for grade 8 grade??? lol they can't even fail you guys now a days, 1000? what a joke





    you are lucky to be educated at all, some countries girls are not even allowed to go to school





    I am sure they are forking out on cloths hair etc that should be enough
    my parents paid for a huge party.


    my grandma spent $500 on a name plate and matching earrings.


    my uncle spent $150 on a camera and $70 sneakers


    n everyone else gave me $50-$100 cash





    my family made my graduation sorta a huge deal. so did my friends. my one friend got like $3000 from her whole family
    I'm in seventh grade, but for my eighth grade graduation, my parents said they'll get me a laptop. =l But that's because I already use it a lot for homework, so High School's going to be more...





    But honestly, you should get paid for having an education.
    i got for grad of 8th garde a laptop, desk, songs of i-tunes, and a 25$ gift card to claires.


    but thats a lot for 8th grade grad, so i think like 50$ is good


    my friends got nothin though
    None. Graduating from 8th grade means nothing. They should be thankful to have an education.





    Graduating high school is a different story, but people don't deserve anything for graduating middle school.
    i got a 20$ purse. i honestly dont think graduating 8th grades that big of a deal, as its easy to get by with out learning or doing anything.
    That's basically bribery, he should be getting good grades anyway.
    I didn't get anything for graduating 8th grade.
    I got nothing for my gradutation.
    well for my grad ... (grade 9 where i live) my parents gave me a diamond ring lol i was like :O:O:O:O but i dont think that could help you .... i dno like uh ... $200?
    i got 100 dollars.





    seriously i hardly remember my grade 8 grad. its not like highschool
    I didn't get any :(
    None. He's only at the beginning.
    haven't got anything yet, mine's on tuesday =)
    say WHAT!?!





    I got zero, and I survived.
    nothing. Why reward a child for something he should be doing?
    i think that i got like 20 dollars.....its only 8th grade
    lol 200


    i got a ipod classic butttt thats just mee =]=]
    i got a new ipod nano..so maybe about 200 dolalrs?
    i would ask 4 a thousand

    How much would an NC parent's insurance go up for one son getting a motorcycle and a motorcycle license?

    If the price does not rise too much, I might get a motorcycle.





    Thank you.How much would an NC parent's insurance go up for one son getting a motorcycle and a motorcycle license?
    Around $1200.00 a year and up.......

    What are 25 things a parent needs to buy for a newborn?

    In health class, we're learning about teen pregnancy, and this a question that i need to answer=) please help.What are 25 things a parent needs to buy for a newborn?
    1 diapers


    2 bottles


    3 burp cloths


    4 receiving blankets


    5 car seat


    6 crib/bassinet


    7 blankets


    8 wet wipes


    9 onesies


    10 sleepers


    11 layettes


    12 socks


    13 sun screen


    14 baby lotion


    15 baby soap


    16 towles


    17 wash cloths


    18 bottle brush


    19 laundry soap


    20 diaper bag


    21 formula (if not breast feeding)


    22 bibs


    23 swing


    24 pacifier


    25 diaper rash cream


    26 baby tylenol


    27 Gas drops





    These are the 27 things that I can't go with out. Good Luck with your assignment Hope I helped.What are 25 things a parent needs to buy for a newborn?
    1.diapers


    2.diaper ointment


    3.lotion


    4.shampoo


    5.gas drops


    6.baby motrin


    7.onesies


    8.blankets


    9.sleepers


    10.bottles


    11.diaper pail/genie


    12.socks


    13.crib


    14.bassinet


    15.car seat


    16.stroller


    17.toys


    18.teethers


    19.soft hair brush


    20.pacifiers


    21.outfits


    22.hats


    23.bouncer/seat


    24.health insurance


    25.swing
    Crib


    Swing


    Changing Table


    Sheets


    Toys


    Clothes


    Diapers


    Bottles


    Socks


    Tylenol


    Gas Drops


    Wipes


    Lotion


    Baby Shampoo


    Towels


    Washcloths


    Car Seat


    Stroller


    Nail Clippers


    Thermometer


    Blankets


    Bassinet


    Pacifier


    Swaddler


    Soothing Sound Machine


    Bouncer


    Pack n Play


    Diaper Pail


    Bathtub


    Baby Detergent


    Baby Surface Cleaner


    Diaper Bag


    Formula if Bottle Fed


    Cover up if Breastfed


    2 Loving Parents


    Hope this helps


    Basically you need alot of stuff. Babies are expensive and they never stop needing and wanting things. Its a lifelong commitment.
    Diapers (disposable or cloth)


    Baby wipes


    crib or cosleeper


    car seat


    blankets


    stroller


    baby sling


    bed set for crib


    clothing


    onesies


    socks


    bibs


    burp cloths


    monitor


    baby swing


    bouncy seat


    bottles


    formula (if not breastfed)


    pacifiers


    breast pump (if breastfeeding)


    pack n play


    baby wash/lotion
    diapers


    wipes


    change pad


    diaper bag


    baby monitor


    wash cloths


    towels


    baby detergent


    thermometer


    baby tylenol


    blankets


    crib


    crib mattress


    fitted sheet for crib


    pacifier


    bottle


    nipples


    ?formula


    breast pump


    diaper rash cream


    sleepers


    onesies


    nail clippers


    shampoo


    body wash


    plastic baby tub


    swing


    car seat


    gripe water


    vitamin d


    nasal aspirator
    diapers


    shampoo/soaps


    bottles


    blankets


    clothes


    lotion


    baby wipes


    a crib


    carseat


    stroller


    rattle


    pacifier


    if its cold out, hat/gloves


    socks


    bibs


    baby toys


    baby food


    formula


    bottle cleaners


    extra tops to the bottles


    high chair


    wash cloth


    thermomater


    baby medicine


    juice
    bottles


    milk


    babygrow


    vests


    blanket


    moses basket/ crib


    hat


    baby bath


    shampoo


    towels


    pram


    car seat


    steriliser


    bouncer


    nappies


    wipes


    changing mat





    xxx
    go to babies r us .com and go to registry; they have a list of suggestions...u can get your answers there, i have better things to do than your homework...sheesh