Posted on: 27th Dec, 2010 06:49 pm
we inherited property worth $250,000 or slightly higher. Now we have to pay a gift tax of $50.000. My question is can we get a loan to pay the tax and use the same property as collateral. my husband is unemployed and this is the only way I can see us being able to pay the tax.
Most lenders want you to own a property for a minimum of 6 months due to secondary market requirements. If you can find a lender that will provide you with a "portfolio" loan you'll do better. By "portfolio" I mean that they don't participate in secondary market and keep the loan on their own books, never to be sold to another entity. Those types of lenders are far more apt to do what you wish without much trouble.
Of course, you'll have to qualify for the loan based on income, credit, etc. just as with any lender.
Of course, you'll have to qualify for the loan based on income, credit, etc. just as with any lender.
It is another piece of your great work. Your site is very interesting and I read your posts each time something new appears. Thanks for your work.
I'm sorry for your loss.
You're asking a great question. Estates often open a chicken and egg situation where ownership and tax liability sort of get in each others way.
To address the lending options. Portfolio lending is an idea, but it is typically very regional--basically, we'll make that loan close to home but not across the country type of logic. If you want to post your state, people might be able to weigh in.
Can you help me? I started with someone once on the gift/inheritance personal tax liability, but there was actually an estate liquidity issue---basically, we started out trying to fix the wrong thing. Has the estate already settled?
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Chris Richter
Senior Mortgage Planner
Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com/
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You're asking a great question. Estates often open a chicken and egg situation where ownership and tax liability sort of get in each others way.
To address the lending options. Portfolio lending is an idea, but it is typically very regional--basically, we'll make that loan close to home but not across the country type of logic. If you want to post your state, people might be able to weigh in.
Can you help me? I started with someone once on the gift/inheritance personal tax liability, but there was actually an estate liquidity issue---basically, we started out trying to fix the wrong thing. Has the estate already settled?
------------------
Chris Richter
Senior Mortgage Planner
Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com/
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