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Guest
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 Posted: Thu Jun 11, 2009 6:00 pm Post subject: GIFT TAX |
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| My parent give me money for a downpayment on a house.... What are the tax affect of the money ( more than $10,000)? If my parent lend me the money for a downpayment for a house.. what are the tax affect of the money? |
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 jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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| Posted: Thu Jun 11, 2009 7:43 pm Post subject: |
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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 |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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| Posted: Thu Jun 11, 2009 8:04 pm Post subject: |
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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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