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I am a branch manager for a mortgage company in the

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Cincy/Dayton market in Ohio. My...
I am a branch manager for a mortgage company in the Cincy/Dayton market in Ohio. My client has a fiance where they are buying a home together. It would benefit the borrower to do the mortgage with her credit alone, but her fiance was going to contribute to the purchase by withdrawing funds from his 401k retirement account. He already withdrew the funds and put it in a joint account they own specifically designed for this reason. Since the funds have already been executed - my question is , does the co-borrower ( fiance) have any increased exposure to tax implications?
Submitted: 1 month ago.Category: Tax
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3/16/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,764
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Based on the information you provided, there would be no other tax implications aside from the taxes due on the 401K distribution.

If the fiance will be named on the deed as an owner, the money he contributes would not be considered a gift--so no reporting is required.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 1 month ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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