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Non-Tech : Certified Public Accountants ........Advice Please!
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To: TraderXx who wrote ()3/28/1999 6:00:00 PM
From: TraderXx  Read Replies (1) of 4
 
To Anyone.......I wanted to know about a situation I have concerning buying a home and/or keeping money in the market. I have a relative who wants to "gift" me $100,000 to buy a home, but I'm thinking there might be a better way of distributing the funds.

If the home costs $310,000 then I will have to qualify for $210,000 for the mortgage( could be tough). I say use $60,000 of the gift money for the downpayment and keep the $40,000 in the market where it will make conservatively 10% over the next years, THEN the relative borrows $95,000 at a low interest rate (6.875)...pays a monthly mortgage of $500-$600 ( from the $40,000 funds he would have given to me outright, giving him a chance to make more gain than what hes paying in his mortgage interest)....therefore creating a tax write-off for the relative as well AND giving him a way to make more money from the $40,000 he would have given to me anyway.

I would appreciate any insight you may have about this.

Thanks
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