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08.11.2022 - Gift Tax

Attendees Rating:

Excellent (95%)
Average (3%)
Below Average (2%)

Comments
A few comments from listeners:
Both of these speakers are very knowledgeable and very easy to understand - great idea to having them both on to 'complement' each other in one Webinar!
- Kevin P.

Definitely liked the idea of "seasoning" a child's savings account to make gifting large amounts of money both more tax efficient, as well as easier to implement at the time of the home purchase.
- Glenn S.

Really emphasized to me that I and my clients should be making the annual gifts!
- Andrea

The best way to help a child depends on everyone's individual situation. Choosing to be a co-signer over a co-borrower with a child might be best for the parents as it will not affect their others plans (buying a 2nd home) in the future. Giving annual exclusions each year is also a good way to help the child with housing costs, reduce the parent's taxable estate and not have to file form 709 (if don't exceed exclusion amt).
- Peter R.

Love to listen to Larry and Noah too. Larry makes tax speak sound more like English. Thanks!
- Reg B.

Ways to Help Child Buy a Home & Gift Tax Reporting Requirements
Presented by Larry Pon, CPA and Noah Patterson
Larry Pon

There are various ways parents can help out through gifting, lending, co-signing or buying a house with your child. Listen in as senior loan officers Chris Brady and Noah Patterson give the pros and cons of the various strategies and the implications each has for mortgage financing. CPA Larry Pon also provided insights on the tax reporting reporting requirements for each approach, to include what's required for gift tax reporting purposed with form 709.   

Attendees Comments:

A few comments from listeners:
Both of these speakers are very knowledgeable and very easy to understand - great idea to having them both on to 'complement' each other in one Webinar!
- Kevin P.

Definitely liked the idea of "seasoning" a child's savings account to make gifting large amounts of money both more tax efficient, as well as easier to implement at the time of the home purchase.
- Glenn S.

Really emphasized to me that I and my clients should be making the annual gifts!
- Andrea

The best way to help a child depends on everyone's individual situation. Choosing to be a co-signer over a co-borrower with a child might be best for the parents as it will not affect their others plans (buying a 2nd home) in the future. Giving annual exclusions each year is also a good way to help the child with housing costs, reduce the parent's taxable estate and not have to file form 709 (if don't exceed exclusion amt).
- Peter R.

Love to listen to Larry and Noah too. Larry makes tax speak sound more like English. Thanks!
- Reg B.