Buying a home for uc student

[3bm103]

<p>

Giving someone a house is a huge gift. Look at the people (recipients) who had to pay taxes on the cars that Oprah gifted to them.</p>

<p>I think each parent is allowed to give a child about $10k a year without tax issues. I could be wrong.

In the case of the taxes won on the Oprah show, those are considered prizes and thus taxable to the recipient. Money, houses, cars etc given by a parent to the child is a gift. NOT taxable to the recipient. See Vballmom’s explanation above.</p>