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Posted: Thu Jun 11, 2009 6:00 pm Post subject: GIFT TAX

My parent give me money for a downpayment on a house.... What are the tax affect of the money ( more than $10,000)? If my parent lend me the money for a downpayment for a house.. what are the tax affect of the money?

jameshogg · Posted: Thu Jun 11, 2009 7:43 pm Post subject:

Hi Guest,

If your parents have given the money as a gift to you, then they may have to pay gift taxes on it. However, if they have given you the money as a loan, then I don't think you'll have to pay any kind of taxes on it.

Thanks

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Guest,

If your parents lend you the money and you pay interest on it, then your parents will end up paying taxes on the interest.

Good luck and feel free to ask

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GIFT TAX