WITH most lenders requiring home buyers to put down at least 20 percent — and sometimes, with more expensive properties, an even greater amount — the best gift some people might receive would be help with the down payment.
Under federal tax law, each individual is permitted to give away money or valuables worth up to $13,000 to a single recipient in a calendar year. A married couple could jointly bestow up to $26,000 a year per recipient.
“It really can be $52,000” if the recipient also has a partner, said Mike Maye, the owner of MJM Financial, a financial planning firm in Berkeley Heights, N.J.
And if the gift-givers wanted to spread even more good cheer into the next calendar year — perhaps distributing some future Click Here for Full Video/Article (Members Only)