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 Roemer & Associates,P.A.

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.

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

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