Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
What home price range do you suggest cost wise? There's not much in the 200s for the areas and safety we are looking for. Must be 300s.
Try Bayside? It's close to LI, express bus to Manhattan (if you need) or LIRR. Areas are nice and safe. 1 BR apartments are around 150-200k. 2BR is 175 - 250k.
I'm also in the same position as you. While I'm earning 40k, she's earning around 10-15k.
Parents are willing to help me buy a place as well.
We have 200k in savings. She wants to live near/in LI
I don't plan on spending 300-400k on a house though but I am looking for a 2 BR nice area apartment. Bayside/Bellrose comes in mind since I work in the city.
The plan since the last eight months or so has been 200,000 and no more than that.
Basically I will be honest we are getting assistance from our parents $200,000.
The problem is we don't get the full 200,000 due to gift tax reasons.
Thus we have to spend our own money as well as money from the estate and money for my wedding that we get as gifts.
So we have money coming in next year and 2016 and we project that we will have $200,000 to put down by January. So that is basically how everything looks as far as money.
Your are grossly misinformed, the person giving the gift pays the gift taxes not the person receiving it.
Ex, uncle Larry gives you 100k, since you are married he can give you and the wife 28k, he can then either pay tax on the remaining $72k or take it off of his 2.3 million $ lifetime exemption, You get to keep the full amount. If this $ is coming from a Will/ Estate there is no way around it unless you got the money before the person passed away you WILL pay tax. You need to speak to an accountant there are ways to avoid paying large amounts of tax $.
Your are grossly misinformed, the person giving the gift pays the gift taxes not the person receiving it.
Ex, uncle Larry gives you 100k, since you are married he can give you and the wife 28k, he can then either pay tax on the remaining $72k or take it off of his 2.3 million $ lifetime exemption, You get to keep the full amount. If this $ is coming from a Will/ Estate there is no way around it unless you got the money before the person passed away you WILL pay tax. You need to speak to an accountant there are ways to avoid paying large amounts of tax $.
So if someone gives us 70k all up front and they get taxed, will they get taxed on the payment they give us or is it a seperate tax?
I mean jeez. Do we just buy a crap hole house outright for 200k or so and just pay taxes? Lol farmingville had a home like that lol.
It was $199,000 and a sex offender lived in it. Disgusting.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
