WILL A GIFT OF MONEY CONSTITUTE AS INCOME TO MY SON? |
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Nemor
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WILL A GIFT OF MONEY CONSTITUTE AS INCOME TO MY SON? |
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I wish to gift my son the sum of $100,000 to pay down on his mortgage.
He refuses to accept because he said it constitutes as income.
Is that correct?
He said he'd rather wait until death and collect under "Payable On Death" from my bank.
We live in different states.
Thank you.
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Fri Jun 19, 2015 10:22 pm |
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oldguy
Senior Member
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Location: arizona |
quote: refuses to accept because he said it constitutes as income.
No - the gift is not income, if there is any gift-tax it would be paid by the giver. But there is a $5.43M gift exclusion, so $100,000 is way below the exclusion.
But why would he use it for his mortgage? A gift of $100,000 is the opportunity of a lifetime for a young person, invest in the SP500 and don't touch it for 30 years, it should be about $2,200,000. And, of course, the money is always there, in reserve, if he needs help in making his mortgage payments.
BTW, that's why lottery winners are, on average, broke in 7 years - they are unable to focus on sensible investing.
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Sat Jun 20, 2015 12:06 am |
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blixet
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Location: Southern California |
Why create a new screen name and ask about the same situation again? And 10 seconds on Google solves this query. Why not have your son look it up for his self if he's so worried? Or you for that matter. Are total strangers on the internet a better resource?
Information is more valuable sold than used – Fischer Black
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Sat Jun 20, 2015 12:12 am |
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Garson
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I don't know, but do you want it to be a constitution as income? At any age, I was happy when my parents gave me chocolate. This is the best gift for me to this day, except for the attention itself. For example, I found a website where I can regularly order Fairtrade Chocolate, in order to treat myself to delicious and natural chocolate.
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Wed Mar 17, 2021 9:03 am |
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Darwin2018
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Joined: 29 Apr 2018
Location: USA |
Of course! A cash gift will be the best for your son. But in order to compensate for this gift, it is best to find a financial opportunity to earn the same amount. Recently I looked at payment technology news https://payspacemagazine.com/ , they really motivate me to earn even more.
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Sat Mar 27, 2021 10:24 am |
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