Living Will Forms Pa
Complicated tax question, Help please!?
My husband’s mother sold her home in Honduras and gave my husband $100,000 towards the purchase of a home for us
(which she will be living with us). She gave us the $ in the form of two certified checks made out to my husband. He deposited it into his account to use for a down payment. We are looking for home and plan on settlement in June. Will we have to claim this as income even if we put in a home? Since the money came from a foreign capital gain is the $ taxable from the US? It is a gift from a foreign bank, does this count as taxable? I dont want to use all the $ for the house and then have to pay back taxes on it. We also live in Pa. Can any one help?
My mom-in law is a legal resident Alien and is 78 yrs. the property sold was owned outright for 30 years in Honduras.
I don’t think the foreign source is an issue, if it’s a gift it’s not taxable to the recipient.
You’ll probably still need a letter from your husband’s mother stating it is indeed a gift since the mortgage company will ask for that since they don’t want it to be a loan.
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