Gifting mortgage deposit to son living in US

midlifecrises

Hi


Can anyone help. We want to give our son a deposit for a mortgage for a home in the US. He needs a 20% deposit which will take FOREVER for him to save up. Are there any tax implications if we send money overseas for this purpose?


Can anyone help with any advice?


Thanks in advance

Thrugelmir

That's something your son needs to investigate from the US IRS perspective. In £ terms what does 20% constitute?

davidmcn

No tax implications from your point of view, though if you die within seven years of making the gift it will be taken into account when assessing the amount of your estate for Inheritance Tax purposes.