Co-op buying and taxes


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Dec 16, 2007
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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? :confused:

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?:rolleyes:

thanks very much
 
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