follow up to reply on inherited home
My niece and her husband actually are approved for a 65,000 loan on the house. They are using 15,000 for home improvements. My brother gave them a gift of 11,000 and I signed for a 4,000 gift to them. Thus making the home we sold to them for 50,000 plus a combined gift of 15,000 for my brother and I to total up to the 65,000 loan they are approved for. I hope this makes sense. Thanks again for your input. P.s.- I did not know if this was the correct area to ask this. Auto insurance company for other driver who rear ended me in june 04 is settling my case now for 35,000 for medical bills and pain and suffering. Do I have any tax obligations on the 35,000. All bills are settled and no further expences expected. Thank you.