Reply to Buying a first home - did you get the downpayment from your family?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I never asked my parents to help with a down payment but they have generously insisted. At 23 they put 20% down on a condo for my first home, and at 26 they are helping with 10% on my next home. We had always agreed they would keep any profit that was made on either sale, and on their first "investment" when we sell soon they will have made about 60k in 3 years. Their preference has always been that I borrow from them on their terms than from a bank should something happen that I had trouble paying a loan. I am very grateful for their assistance and feel that it is important that I repay them what they loaned me plus more than the interest they would have made if the funds had been invested. Honestly though I don't see anything wrong with our arrangement.[/quote]

As long as you and they are paying all the taxes due on all this money changing hands, I guess there's nothing wrong with it.[/quote]

Absolutely. Way too many red flags not to go through an accountant at every stage of the process. Yes the taxes are painful but better than being audited.[/quote]

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