We have recently bought a condo unit. (first time home buyer). Both my father and I are the co-owner of the Condo unit. My dad was out of the country at the time of the home buying process. The fastest and easiest way to assign him as a co-owner of the condo unit was through a grant deed claim then pay towards the down payment through me to the title lender company via gift money. I am aware that the down payment is not tax deductible and therefore do not have to file tax on the down payment. In this case, can we just say that my dad simply paid the down payment as an owner of the condo unit as opposed to the gift money? FYI. Gift money consisted of more than the annual limit of $15,000. The only reason we paid through gift money was due to the fact that he was not present to send a big amount of money directly to the title company.
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