basically the highest mortage i can afford w/o a down payment, but same as what she paid for home or a little more
and what tax penalty will she pay(gains or gift??),(does she pay taxes on difference between what she sell us for and market value??)
in turn i own the house with a high-interest mortgage because of no downpayment,(to buy from mom), i sell it for market value, i accept the gains tax,(or maybe not caused i lived in house for 5+yrs before buying from mom) pay it, pay mom a sizeable amount, and then i am left with a down payment for my new mortgage and house,(which i didnt have before) i hope this makes sense
2006-08-05
10:57:34
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6 answers
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asked by
dizzied1974
1
in
Renting & Real Estate