if i ambuying the house OCC FROM MY MOTHER IN LAW W/NO INTEREST.

Profile picture for truckdriver1983
I AM BUYING THE HOUSE FROM MY MOTHER-IN-LAW OWNER CARRYING THE CONTRACT WITH NO INTEREST AND MY WIFES NAME IS NOT ON IT.
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0Yes

October 04 2009 - Springtown
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Answers (2)

Profile picture for wetdawgs
Please run this by a tax professional.   Normally the interest rate must be at fair market value or it is considered a gift.   The gift may or may not be taxable depending on a lot of other factors.

I'm not sure how "my wife's name is not on it" pertains to the situation, was there more to your question?
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0Yes

October 04 2009
Profile picture for DebtsNMesses
No problem with that as long as the price is reasonable. The IRS might not like it if you're buying it for substantially less --as gifts over $12,500 are taxable. --But has far as I know, she can set the interest rate from 0% to 10% by law.

0% interest, great one. Do get it in writing because all real estate contracts must be in writing.
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0Yes

October 04 2009
 

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Questionif i ambuying the house OCC FROM MY MOTHER IN LAW W/NO INTEREST.
  • Latest answer by wetdawgs
  • October 04 2009
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