Olde Hornet
Well-Known Member
Unless you have given away more than $13 million in your lifetime, a $75,000 gift will not trigger the federal gift tax. Using this for a down payment also does not affect the result.
In fact, most families will never have to worry about either the gift tax or the estate tax thanks to gifting exemptions that are adjusted upward every year to account for inflation. In 2024, you can give away $18,000 to as many individual people or entities as you want without triggering a reporting requirement. Any gifts that exceed this limit simply count against your $13.61 million lifetime exemption. As a result, for all but the wealthiest households, $75,000 will fall well below any tax threshold.