If you need further assistant please call me
buying, have the money deposited into your account 60 days prior to making an offer. If it shows in your account for two consecutive statement cycles they usually don't demand proof of where it came from, saving you and the parents the hassle of letters of proof and statements and cancelled checks trail etc.
PS Would they adopt me?? :-)
The only person who can answer this question is your parents' tax professional. While I applaud your taking the time to read the IRS website, the information you cite may not apply in your parents' unique situation. A good CPA should be able to properly guide you in this matter.
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Good luck with your purchase!
Keller Williams Suburban Realty
Sandra Bolcar, Broker Associate
RE/MAX VILLAGE SQUARE
You need to talk to a Tax Accountant/CPA. I think (but am not sure - that is why you need to talk to a CPA since they know tax laws) $13,000 is exempt from the gift tax (per year). If that's the case, they could be liable for gift tax on the additional $87,000. Again, consult a CPA.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797