Comments on: Parents selling house and giving me the money so i can buy a house. What is downside of doing this? http://sellmyhousequicklytm.com/parents-selling-house-and-giving-me-the-money-so-i-can-buy-a-house-what-is-downside-of-doing-this Sell house by owner. How to sell your own house. Thu, 22 Sep 2011 00:00:27 +0000 hourly 1 http://wordpress.org/?v=3.1.4 By: Sharon T http://sellmyhousequicklytm.com/parents-selling-house-and-giving-me-the-money-so-i-can-buy-a-house-what-is-downside-of-doing-this/comment-page-1#comment-628 Sharon T Mon, 07 Dec 2009 05:34:47 +0000 http://sellmyhousequicklytm.com/parents-selling-house-and-giving-me-the-money-so-i-can-buy-a-house-what-is-downside-of-doing-this#comment-628 This may well jeopardize any subsidy they receive, such as Medical. If they give you the money, it is not taxable to you or deductible by them but they will need to file Form 709 Gift Tax Return. They should seek legal counsel before doing this. This may well jeopardize any subsidy they receive, such as Medical. If they give you the money, it is not taxable to you or deductible by them but they will need to file Form 709 Gift Tax Return.

They should seek legal counsel before doing this.

]]> By: I gotz that wicked clown love http://sellmyhousequicklytm.com/parents-selling-house-and-giving-me-the-money-so-i-can-buy-a-house-what-is-downside-of-doing-this/comment-page-1#comment-629 I gotz that wicked clown love Mon, 07 Dec 2009 05:34:47 +0000 http://sellmyhousequicklytm.com/parents-selling-house-and-giving-me-the-money-so-i-can-buy-a-house-what-is-downside-of-doing-this#comment-629 ok, if your parents have such low income why on earth would you agree to take all of their profits from selling their house???? that is rather selfish, dont you think??? how about you use $20,000 of the $200,000 for a down payment on a modest house and pay the mortgage note with your own money so your parents do not have to be on low income subsidy programs hmmmm? ok, if your parents have such low income why on earth would you agree to take all of their profits from selling their house???? that is rather selfish, dont you think??? how about you use $20,000 of the $200,000 for a down payment on a modest house and pay the mortgage note with your own money so your parents do not have to be on low income subsidy programs hmmmm?

]]> By: Dick R http://sellmyhousequicklytm.com/parents-selling-house-and-giving-me-the-money-so-i-can-buy-a-house-what-is-downside-of-doing-this/comment-page-1#comment-630 Dick R Mon, 07 Dec 2009 05:34:47 +0000 http://sellmyhousequicklytm.com/parents-selling-house-and-giving-me-the-money-so-i-can-buy-a-house-what-is-downside-of-doing-this#comment-630 This seems like a pretty scary and costly situation. I highly recommend that both you and your parents seek out a competent CPA. My experience tells me that the house should be put into a trust or perhaps a self directed IRA "Before" they sell it. Just based on what you said you will all get hit with unnecessary taxes. This seems like a pretty scary and costly situation. I highly recommend that both you and your parents seek out a competent CPA. My experience tells me that the house should be put into a trust or perhaps a self directed IRA "Before" they sell it. Just based on what you said you will all get hit with unnecessary taxes.

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