I live in Washington state, but was purchasing a home in California; for my mother to live in (rent-free).
I was tentatively planning to gift my brother and his wife $30,000 in equity of the home (approximately 4%). They will also be paying $30,000 (so would have a total of 8% equity). I don’t think this point matters, but that $30,000 was also a gift from a prior year.
Is there anything I need to do, to ensure that the above is treated as a gift? Should I gift them the cash first, so they’re the ones depositing it into escrow? Can I just deposit it into escrow on their behalf?