Legal Question in Real Estate Law in New York

gift tax?

i want to give my son 50000 dollars for a down payment on a house. can I do this without penalty


Asked on 7/06/09, 7:32 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: gift tax?

If you give it as a single gift, you will have to pay gift tax on $40,000. A lawyer may be able to help you to structure the transaction so that you can achieve your goal without adverse tax consequences.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 7/08/09, 12:28 pm


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