Any tax implications on a gift?
I'm closing a loan at 5% down. A friend wants me to gift me with a large amount towards the principal of the loan after the mortgage is secured. Are there any tax implications? Is there a better way to go about this? by johntopacio270 from Brentwood, California. Aug 29th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
1) ask a CPA / accountant this question 2) As you will likely be paying mortgage insurance on your loan - ask lender if there is a way you can eliminate the mortgage insurance with the large prin payment 3) if you want payment to be decreased - ask lender if they can do a " recast " on the loan once the prin payment is made 4) ask you lender if you can use a gift from a friend for your down payment funds on the loan ( you likely cant ) but its worth making sure
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