My dad is lending me 80k and I don't want him to pay taxes, it is not a gift and he will not get interest, what do I do?
Question Details:I'm buying a house.
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I am a lawyer in CT and practice in this area of the law.Have your dad write you a check for the 80K and pay for the house. If you want to pay your dad back under your own payment terms you can do that and execute a separate legal document (i.e. promissory note) to reflect the debt and give your dad a mortgage to the house as security that is a way to do it. I suggest meeting with a lawyer to help draft this up. Your dad's security for the house will have to be second to the bank if you are using a bank for financing.
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