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07-05-2003, 11:33 AM

prokni

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Tax question related to real state

What is the name of your state? California
My in-laws sold their house and put their money in our account.
We were plannnig to give the money back. In the mean time, we both decided to buy a house together.
My wife and I are going to get a loan and then at then end of escrow we will put all four names on the title.
basicaaly, we will share the downpayment and payment and anything related to the loan but my in-laws name won't be on loan apps.(Loan office suggestion) How the Tax work here? Can we put their money as downpayment? How does it work when they direcly give us their portion of payment(50%) and we pay it to a back?

Last edited by prokni; 07-05-2003 at 11:48 AM.

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