Updated almost 9 years ago on . Most recent reply
Grant from Father in law
Hello amazing investors!
I have a quick question probably someone can answer me! someone told me that any family or friend can grant you up to $16,000 tax free first of all is this true? and if it is tax free does it free for me but the person who granted it would still pay taxes on it or because he granted it as a gift he can also deduct it or I don't have a tax deduction and he does??
I am confused as you can see from my writing but I hope to have an answer to this question, to be more clear about the story, I am trying to search for a Multi family, move in, rent the other units hopefully if the numbers are accurate I will positive cash flow, as I am starting out and don't have enough money I wanted to do FHA loan, my father in law wants to buy duplex and let us move in one of the units and he lives in the other so I had an idea he can help his daughter with the down paymnet make the monthly mortgage less and get four-plex he lives in one for free till the money he potentially gives to me been collected and then he pays rent and I live in one unit and rent the other two so I wanted to know about this tax question to see if I can include this pros in my future presentation to him or no
thank you all!!