We bought a house this year. We brought 56k cash to the table to buy a house. My mother in law came to the closing with the other 40k in cash to help us buy the house in cash so we didnt have to get a loan.
Do we have to pay taxes on that 40k? It's a personal loan that we must pay back. Is there some sort of gift tax even though the money was never in our hands- my mother in law literally got a money order from the bank and brought it to the closing so we could buy our house in cash.
Asked by Anonymous at 6:58 PM on Feb. 8, 2010 in Money & Work
Answer by truealaskanmom at 6:59 PM on Feb. 8, 2010
Answer by Anonymous at 7:01 PM on Feb. 8, 2010
Answer by Anonymous at 7:03 PM on Feb. 8, 2010
Answer by rkoloms at 7:32 PM on Feb. 8, 2010