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Updated over 7 years ago,
Confusion on Gifting $$$
My dad has been kind enough to help me get started in investing in real estate. I know I need to discuss with a CPA but wanted to get some opinions on the best approach for my situation. He is going to give me all the funds to purchase a $30k property and I need to figure out the best way to receive the money without him being taxed on it.
I know he can gift me up to $14k a year, but what other options are available? Can he gift my wife $14k as well to get close to the $30k? Should he just pay for the property himself and have it in his name?
I'm also wondering if an LLC would benefit me in the situation? If he just put the money into the LLC.
As you can see, I'm a bit confused at the best approach here. I would greatly appreciate some help here.