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Old 07-05-2014, 07:07 AM
 
480 posts, read 669,206 times
Reputation: 56

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Quote:
Originally Posted by sbm7 View Post
Are we still talking about 2016 house? 70k for 20% down means 350k house. Did you also save about 15k for closing? If not you are putting 55k for down payment in that case. Its going to be very tight. If you thinking having kids, its even harder. With that money you can get a ok coop or a crappy house. Even triple your income people having hard time surviving on LI.
Closing cost and 70k will be covered for us
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Old 07-05-2014, 01:18 PM
 
Location: Florida
1,748 posts, read 2,083,707 times
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Quote:
Originally Posted by LIQUEST View Post
Closing cost and 70k will be covered for us
And you realize that closing costs can be $10 - $15k right?
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Old 07-05-2014, 02:55 PM
 
480 posts, read 669,206 times
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Quote:
Originally Posted by skeeter31 View Post
And you realize that closing costs can be $10 - $15k right?
Yes that will be covered as well. Wedding gift money.
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Old 07-05-2014, 07:42 PM
 
12,766 posts, read 18,378,508 times
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Quote:
Originally Posted by LIQUEST View Post
Yes that will be covered as well. Wedding gift money.
Hey here's a genius idea - stop relying on other people and figure it out for yourself.
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Old 07-06-2014, 07:27 AM
 
Location: Long Island
9,531 posts, read 15,884,676 times
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Quote:
Originally Posted by LIQUEST View Post
Yes that will be covered as well. Wedding gift money.
Curious - someone's paying for your wedding too? It's not really a net gain if that's not the case.
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Old 07-06-2014, 02:36 PM
 
480 posts, read 669,206 times
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Quote:
Originally Posted by rh71 View Post
Curious - someone's paying for your wedding too? It's not really a net gain if that's not the case.
Yes. Someone is paying for it. Not us.
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Old 07-06-2014, 03:22 PM
 
Location: Planet Earth
1,474 posts, read 3,057,924 times
Reputation: 1505
Do you realize all of your wedding gifts and someone paying for your wedding has to be filed on your taxes and you will lose a significant amount especially if it pushes you to a higher tax bracket?
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Old 07-06-2014, 03:23 PM
 
Location: Planet Earth
1,474 posts, read 3,057,924 times
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Even the 70K gift for a down payment is considered income
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Old 07-06-2014, 04:08 PM
 
34,096 posts, read 47,293,896 times
Reputation: 14268
OP should read this:

Frequently Asked Questions on Gift Taxes
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Old 07-07-2014, 08:23 AM
 
Location: Warren, OH
2,744 posts, read 4,234,676 times
Reputation: 6503
Quote:
Originally Posted by Jdawg8181 View Post
Hey here's a genius idea - stop relying on other people and figure it out for yourself.

I agree 100%. Almost everyone on this forum had to do things on their own. Grow up and do a little research for yourself. You have to stop relying on others. What happens when your gravy train stops?
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