Is this consider a gift or not?

  • Creator
    Topic
  • #199017
    fuyuki
    Member

    Hi All,

    Let’s say an adult child is purchasing a property with his/her own funds and decided to add his/her parent’s name to the deed before finalizing the purchase. Would this consider a gift of half of downpayment or not since the parent will “own” half of the asset.

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  • #751868
    tuanxn
    Participant
    #751869
    fuyuki
    Member

    @tuanxn: even if this happen before the purchase of property? I know this will trigger a gift of half property if you already own the property, but what if you don't own the property yet but is in process of purchasing it. This is a gray area when I am studying for Reg that they didn't really talk about it.

    Thanks,

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