The first house the elementary, middle and high School are rated 2 out of 10. If that's the school rating in the nice parts of town I hate to see the bad
first home purchase, with fiancee
- Thread starter earlyre
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Coincidentally, I went to all (3) of those (well, the elementary I went to was demo'd and moved to the junior high building next door and the junior high moved but is still the same name). I assure you, those ratings are probably bogus. The city (proper) itself only has one school district, so yeah, there's a mix of kids, but academically, the opportunities are there (Advanced Placement courses in variety of subjects, etc).
You might want to look into gifting rules.
AFAIK: your Dad will have to file a separate tax form irs form 709 (but pay no tax)
and you will need paperwork "a gift letter" that the money is a gift and not a loan for your home mortgage lender
etc.
AFAIK: your Dad will have to file a separate tax form irs form 709 (but pay no tax)
and you will need paperwork "a gift letter" that the money is a gift and not a loan for your home mortgage lender
etc.
not every part of the country is as expensive as the Coasts...
My parents house is currently valued a little north of $300k, they paid $123k in '96. for 2k Sqft, on 1.5 acres in the country.
our long time neighbors moved a little over a year ago, new folks came from Cali. they couldn't believe how much house you could get around here for $300k.
my parents place would likely be well over a mill, if not closer to 2 if we were near either coast.
when my brother moved back here from DFW in 2016, he paid $114k cash for his house. over the last 10 years, it's "gained" another $100k in value...according to the internet...
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mortgage people mentioned that.
Get ahead of this - the mortgage company should have a form letter or template that your father can complete. I believe he also needs to provide account statements showing a balance pre-gift, then the withdrawal. You may have to do the same with your bank account.
