My parents are buying a condo in a 55+ community in Florida and I'd like to help with the down payment. The community requires 30% down and I'd like to sell stock to help them. From what I know, I can gift the stock to them and since my parents are in a lower tax bracket, they could front the tax bill which would be overall less as opposed to me paying the tax bill.
I asked if I could be on the mortgage since I could just pay directly but this is forbidden since all signers have to be 55+.
I don't ever expect to have the money paid back.
I read about a gift tax but maybe I could pay each of my parents $16,000 to max out the gift tax limit?
Is there anything else you advise me to do?