Legal Question in Tax Law in New York

Cash down on a house

Can you put $50,000 cash down on a house purchase and simply say that ''the money was a gift''?


Asked on 2/14/03, 10:06 am

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: Cash down on a house

Of course you can; but that doesn't conclusively establish that the money was acquired by gift. In your mortgage application you will have to fully disclose your financial condition.

What is your concern???

Read more
Answered on 2/14/03, 11:10 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in New York