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Combining mother and son's household

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donnaoe

Junior Member
What is the name of your state? Alabama

We currently have our house and mother-in-law's house for sell. We plan to buy a new house that will have an apartment for m-i-l and the plan is that the marjority of profit from m-i-l's house will be used as a down payment and the loan will then be in my and my husband's name. The question is - Will the money from m-i-l that is used for a down payment be considered a gift to us if we don't have her name on the loan, and then have to pay taxes on that amount?
Thank you, Donna
 



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