If a grandparent wants to purchase a house for a grandchild, is there a gift tax? Are they better off giving funds or purchasing and transferring the property to grandchild? Gift tax apply to either transaction?
Gift tax applies either way. If the grandparents have not used their $12 million+ each lifetime estate and gift tax exemption they won't actually pay any gift tax but do need to file gift tax returns.
Gift tax applies either way. If the grandparents have not used their $12 million+ each lifetime estate and gift tax exemption they won't actually pay any gift tax but do need to file gift tax returns.
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