Dad is selling his house and is thinking of gifting me money for a downpayment.

My dad is selling his house. He has a decent amount of equity in it. I don’t know anything at all about purchasing or selling a home, so whatever terms, methods, or words I fumble: I apologize.

He is going to be renting from a family member for a few months while we figure out our budget for a home. We’ve talked about him gifting me the money for a down payment and me renting it out to him or living with him, depending on the size of the property. He said he would rather have me own the home outright rather than go through what could be years of legal hassle since his health is declining.

Is this doable? I don’t know if he would need to claim captain gains tax on any equity. Like I just have no clue about how real estate works at all right now. I don’t know if there are any particular circumstances where he would not be able to use the money he makes from the sale of his current house and gift it to me (and then me renting the home out to him if I don’t end up moving in). We are going to be purchasing a home in a different state than his house is in now.

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My dad is selling his house. He has a decent amount of equity in it. I don’t know anything at all about purchasing or selling a home, so whatever terms, methods, or words I fumble: I apologize. He is going to be renting from a family member for a few months while we figure out our budget for a home. We’ve talked about him gifting me the money for a down payment and me renting it out to him or living with him, depending on the size of the property. He said he would rather have me own the home outright rather than go through what could be years of legal hassle since his health is declining. Is this doable? I don’t know if he would need to claim captain gains tax on any equity. Like I just have no clue about how real estate works at all right now. I don’t know if there are any particular circumstances where he would not be able to use the money he makes from the sale of his current house and gift it to me (and then me renting the home out to him if I don’t end up moving in). We are going to be purchasing a home in a different state than his house is in now. submitted by /u/aboxofquackers [link] [comments]

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