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I have posted this on the business forum but thought I'd post here too, in case any of you have run into this in the past and could use your wisdom.
I have a client that is purchasing a house for about 350K. His parents will be living with him. His parents want to gift him 150K from an annuity that they have so he can use it for down payment. Is there any way that the parents can avoid paying the huge taxes on the money? Considering they will be living in the house with their son?
I have advised them to check with a tax consultant but promised that I would ask on here for them.
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