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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: TraderXx who wrote (1796)	2/2/1999 1:36:00 AM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

A gift must be a bona-fide permanent gift. Mortgage lenders are suspicious especially of young, first-time home buyers with helpful parents. A gift in excess of $10,000 is subject to Federal gift taxes, possibly State gift taxes too. The stock would be put in a brokerage account under your name. From there you would borrow out on margin the down payment. The mortgage company may take a dim view of such speculation, but if they are top drawer stocks like General Electric, and you only borrow out maybe 25% for the down payment, they might let it fly, IMO.