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Question about the legality of gifting money from the sale of a home.?
We are buying my parents house for what they owe (70k), plus the equity built into it (40k) for a total of 110k. The loan we have only allows for so much as a sellers concession, and I dont think its that much.
Am I right in my belief that if we did no sellers concession at all, bought the house, and they received their money (110k) that its theres to do what they want to with, like go ahead and gift us 40k from the sale of their home?
It is their money after all, the loan company cannot just turn around and tell them what to do with it, right? My parents want to go that route, but theyre concerned it might not be legal. Iam convinced it is.
Obviously we're going to talk with our lawyer about it, but we havent yet.
2 Answers
- beezLv 71 decade agoFavorite Answer
A person can give another person only up to $10,000 a year without the hassle of taxes, etc. You're right to see a lawyer about this.
- bretonLv 44 years ago
No it is your primary place of abode so the earnings isn't in charge for tax. would I say that's an exceptionally stupid element to do you will lose a number of you capital on lease this is easily lifeless money and a place on the valuables industry. in case you think of this with the aid of you will comprehend that sources is a valid investment in case you rather need to flow then lease the abode out and stay off the earnings not your capital
