- Aug 16, 2014
- Haverhill, MA
Uh, I didn't know just asking for money was an option. Also assumed it was an option to say no.We just got tapped for a $10K gift to my stepson to purchase a house. No tax because it’s under the 15K radar. But had to sell some stocks so, bam, here comes the long term capital gains tax.
Then stock goes up $30 a share shortly thereafter. Oh well.
Note to children: don’t ever ask your retired parents to gift you money. Go rent and save your money then buy a house. Just my 2 cents. I’m not happy.
Though the flip side is my mother joked her wedding gift was that my grandparents paid back the money she loaned them. (They had a flood and needed cash, she loaned it. Was surprised day of wedding that they paid it back early.)
Yeah my in laws got caught on this. They unexpectedly had to close fast and for more than planned on a family house. A bunch of talking to the bank about which dollars they were most comfortable taking the down payment from.They'll also have to source the money, show the bank where it came from. Most likely provide their last 2 bank statements or wherever they hold the money.
Just in case it's currently under the mattress.