Upon the elderly lady’s death or incapacity then we would be able to then own her portion. We want to buy an elderly lady’s 300 acres and let her retain her home and surrounding land until her death or incapacity. She has no family and her husband passed last year. Are the tax implications better for her if we do the sale this way?
Posted in Land For Sale
Tagged anyone, buyer, contract, Death, elderly lady, Home, incapacity, lady, Land, owner, portion, s 300, tax implications
Our home is still on the market, and we are close to settlement on a new home in 3 weeks. My father wants to loan me the money for a downpayment (much more than $24K) until the old home is sold, at which point I would repay him. My equity is more than enough to cover the downpayment. The mortgage lender of course wants us to sign a “gift letter”. I understand their rationale, but my question is what are the tax implications in this situation for m dad? It really is a loan, just interest free and contingent upon the home sale. If I don’t sell the house by the end of this year, will he have to pay taxes on the “gift”? If so, would he recover the tax payment after I pay it back?
Posted in Homes For Sale
Tagged 24k, dad, downpayment, father, gift, gift letter, Home, letter, market, money, mortgage lender, question, rationale, settlement, tax, tax implications
My dad is going to help me pay off my car and give me down payment money for new house totaling $25,000. I will repay half this amount a little at a time. He was going to give me a cashiers check and let me spend it but I’m afraid there will be tax implications. I live in New Mexico. I thought that maybe he could just write the check for the car and give me a smaller amount in cash or smaller gifts separately. What are the rules? Also I will eventually inherit money for the sale of his land that is getting paid monthly through escrow. Is there a way to avoid losing inheritance this way? He currently lives off this money. Thanks for the advice.
Posted in Land For Sale
Tagged amount, car, cashiers check, dad, escrow, father, Home, house, inheritance, little at a time, money, New Mexico, payment, payment money, tax, tax implications, tax penalties, Way