What is the name of your state?
California
A friend gave his son a large sum of money (well over the yearly $11,000 limit for gifts) so his son could buy his first house, unaware at the time that he would be liable for a "gift tax". Is there any way to correct this "Gift" now. Can they now make a contract stating that the (GIFT) "Loan" will be be paid back when the home is sold. Can the son quit claim 1/2 interest in the house to my friend showing that he purchased the home with his son? Any suggestions???
California
A friend gave his son a large sum of money (well over the yearly $11,000 limit for gifts) so his son could buy his first house, unaware at the time that he would be liable for a "gift tax". Is there any way to correct this "Gift" now. Can they now make a contract stating that the (GIFT) "Loan" will be be paid back when the home is sold. Can the son quit claim 1/2 interest in the house to my friend showing that he purchased the home with his son? Any suggestions???