- Joined
- Dec 16, 2007
- Messages
- 1
- Reaction score
- 0
Hi.
1) If I am buying a co-op and i am the sole owner for this apt.
My parent is planning to help me pay for parts of downpayment (I am putting down $35000 as downpayment myself).
Lets say my parent will get a bank check for $40000 from their bank account as a personal loan to me. But the bank check itself will be made out payable to the seller of the co-op. Now, will that be reported to the IRS at all? Is my parent allow to do that to help me? Does that effect their taxes at all?
2) My brother just wrote me a personal check for $10000 as a gift(also for the apt that i am planning to buy). Let's say i deposit that. Will the bank report it to the IRS?
thanks very much
1) If I am buying a co-op and i am the sole owner for this apt.
My parent is planning to help me pay for parts of downpayment (I am putting down $35000 as downpayment myself).
Lets say my parent will get a bank check for $40000 from their bank account as a personal loan to me. But the bank check itself will be made out payable to the seller of the co-op. Now, will that be reported to the IRS at all? Is my parent allow to do that to help me? Does that effect their taxes at all?
2) My brother just wrote me a personal check for $10000 as a gift(also for the apt that i am planning to buy). Let's say i deposit that. Will the bank report it to the IRS?
thanks very much