Borrowing Money From Family
My wife and I are selling one property to purchase another. We were doing a bridge loan to secure the property prior to selling our current property. Now we are being told that the funds from the bridge loan will not be available until 20 days later than expected. We have asked the realtor to inquire with the buyers about pushing closing off to secure funds. However, if they don't agree we will either need a co-signer on the loan for the new property or additional funds for a down payment instead of using the bridge loan. My parents are able to loan us the funds, which we would give back within a month or 2 after our current property sells. My question is this: if they give us the money and we give it back, how does that work with taxes?