Jul
13
lawrenc1 asked:
I am planning to purchase my mom’s $1.5 mil home for $750k (half price) by paying off the $200k mortgage and then taking a loan from my mom for $550k ($1,527 a month for 30 years interest free). Will my mom have to report this money as income if I open a joint checking account with her and deposit the $1,527 every month?
Logan
I am planning to purchase my mom’s $1.5 mil home for $750k (half price) by paying off the $200k mortgage and then taking a loan from my mom for $550k ($1,527 a month for 30 years interest free). Will my mom have to report this money as income if I open a joint checking account with her and deposit the $1,527 every month?
Logan