Cuptor
Jul 8, 2009, 12:00 PM
My wife's parents intend to donate us a huge chunk of money to help secure our future. We are reluctant about investing it in the stock market and were thinking about buying a second house. Home prices are very attractive now and a home seems a more secure investment to us. We could also rent it.
What are the taxes implications of such a donation?
The parents have already donated us the amount to pay in full the loan for our current house. Does this have an impact on how IRS is looking at the second donation?
The parents are not US citizens and don't live in US.
Thank you,
Cuptor
What are the taxes implications of such a donation?
The parents have already donated us the amount to pay in full the loan for our current house. Does this have an impact on how IRS is looking at the second donation?
The parents are not US citizens and don't live in US.
Thank you,
Cuptor