Posted on: 03rd Jul, 2010 11:39 am
My boyfriend wants to give me a promissory note valued at $200,000 for a 2nd mortgage on commercial property that he owns.
I'm not actually giving him money for this so is it going to affect me legally or tax-wise?
I'm not actually giving him money for this so is it going to affect me legally or tax-wise?
Hi Loveee,
If your boyfriend is gifting you the money, then he would be liable for paying the gift tax. However, if you're unable to pay him the money, then you shouldn't accept the promissory note.
Thanks
If your boyfriend is gifting you the money, then he would be liable for paying the gift tax. However, if you're unable to pay him the money, then you shouldn't accept the promissory note.
Thanks