I am going to be establishing an intra family mortgage. My parents are loaning me $75k while my wife's parents are loaning me $85k. Total amount borrowed between the two is $160k. For tax purposes, do I need to set up two loans with you, or can I set the loan up to be $160k and add another lender?
1 Answer from Attorneys
I would suggest that you have two promissory notes prepared since you are borrowing and 75,000 from your parents and 85,000 from your wife's parents along with some type or repayment schedule so there will be no misunderstandings as to where this money came from.
If you need help in preparing these documents and e-mail me your phone number to discuss this matter further.
Related Questions & Answers
I am currently in a chapter 13 bankruptcy plan. I have been in this plan since April... Asked 7/30/09, 1:29 pm in United States California Tax and Taxation Law
My husband works in clalifornia in H1 visa.I went to US on his dependent visa.In his... Asked 7/23/09, 10:52 pm in United States California Tax and Taxation Law
Do I have to file tax return? Asked 7/23/09, 6:02 pm in United States California Tax and Taxation Law
Tax 1099c cancellation of debt can a bank submit a 1099c form 5 years after a car... Asked 7/13/09, 6:49 pm in United States California Tax and Taxation Law
IRS garnishment can the irs garnish my wages while i'm paying child support Asked 7/12/09, 10:52 am in United States California Tax and Taxation Law