jrhodenphotography said...
We are looking to buy a home - my grandparents are loaning us th money and both their name and ours will be on the deed. We are going to do some repair work that is needed for the home to qualify for financing then we will take out a loan to repay my grandparents. What needs to be done so that we aviod having to pay taxes on the amount loaned ($50,000)?
2 comments:
Dear Jenifer, thank you for visiting our blog.
The way you have described your question, it appears that your grandparents will act as a bank to finance a property that you are willing to purchase. Since, they will be on the deed, you dont need to do anything else. The closing papers for the purchase of the property will have their information as well as yours. These documents are sufficient enough to prove that the $50,000 (at the time of repayment) is not taxable income to your grandparents. However, keep in mind that any monies paid to your grandparents over and above the $50,000 will be taxable income to them.
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