down payment

[ Follow Ups ] [ Post Followup ] [ Finance ] [ FAQ ]

Posted by Nancy on September 28, 1998 at 11:36:16:

Six years ago, we had a foreclosure. Our credit was ruined, so my parents purchased a condex in their name for our family to live in. We provided the downpayment and make the payments.

Now we are ready to try again. We want to use the equity in the condex as part of our downpayment. Would this money be considered "ours" or a gift from my parents? Is there a limit to how much of a downpayment can be a gift? What are the ramifications, tax-wise and other-wise, of using this money?

Thanks.

Follow Ups:

Re: gift for down payment, tax advice Christine Baker 18:38:46 10/17/98 (0)

Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments:
: Six years ago, we had a foreclosure.  Our credit was ruined, so my parents purchased a condex in their name for our family to live in.  We provided the downpayment and make the payments.

: Now we are ready to try again.  We want to use the equity in the condex as part of our downpayment.  Would this money be considered "ours" or a gift from my parents?  Is there a limit to how much of a downpayment can be a gift?  What are the ramifications, tax-wise and other-wise, of using this money?

: Thanks.


Optional Link URL:  
Link Title:         
Optional Image URL:

[ Follow Ups ] [ Post Followup ] [ Finance ] [ FAQ ]