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I am in the process of buying a new home and I want to put

around 30% down. About half...
I am in the process of buying a new home and I want to put around 30% down. About half of that down payment would be from my retired sister that lives with us. Can we do this? Do we have to treat this as a "gift"? She does not want to be on the mortgage.
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Answered in 1 minute by:
7/8/2013
Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 33,167
Experience: 17 years of legal experience including real estate law.
Verified

Hello and welcome.

My name is XXXXX XXXXX my goal is to provide you with excellent service today. Before I can give you an accurate answer to your question, please provide the following additional information:

Your sister is not lending you the money, but is giving it to you? Will she be included as an owner of the property, but not listed on the mortgage?

I look forward to assisting you as soon as I have received this information. Thank you.

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Customer reply replied 4 years ago


She is giving us the money to put down as her contribution to the house. She does not care to be part owner, but I might could persuade her if that was in the best interest. She wants to put in approx. $50000.00

Hello again, Joe.

Yes, if you are not giving anything to her in return for the money, then it would typically be considered and reported as a gift. If she is not interested in owning the property, you could enter into an agreement with her that the money represents rent for a period of months/years or some other consideration so it is not then a gift, but then you may need to report it as income for services/rents for tax purposes.

On the other hand, if you agreed to a fractional ownership interest in the property in return for the money, you would not typically have to report it as a gift or income since she would be receiving something in return for her money, but not from you.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina


Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 33,167
Experience: 17 years of legal experience including real estate law.
Verified
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Tina

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Tina
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Category: Real Estate Law
Satisfied Customers: 33,167
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Experience: 17 years of legal experience including real estate law.

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