Legal Question in Tax Law in California

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?

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

1 Answer from Attorneys

Robert Roemer Robert Brian Roemer LLC
0 users found helpful
0 attorneys agreed

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.

Read more
Answered on 8/05/09, 5:56 pm

Related Questions & Answers

More Tax and Taxation Law questions and answers in California

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Tax and Taxation Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now