California  |  Tax Law

Legal Question

Asked on: 8/04/09, 2:38 pm

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


Answered on: 8/05/09, 5:56 pm by Robert Roemer

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.


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


Robert Brian Roemer LLC 11380 Prosperity Farms Rd Suite 204 Palm Beach Gardens, 33410-3474

Other answers from this attorney

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

70 Answers given in the last few hours.

86611 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search