Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
Life After Brown
Advice Needed
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 933286" data-attributes="member: 12570"><p>Dilli, it would not be a loan--I would be pre-paying my rent. I would think that they would put the money toward the mortgage but would have no say in how the money would be used. I would not be making the actual mortgage payments so would have no interest deduction to claim on my taxes. I would basically be handing them a check in exchange for a place to stay for free. If this worked out and I decided to stay after the free period is over I would pay rent that would be negotiated before I moved in. The only thing that I am not sure of is whether the money would be treated as a gift or as prepaid rent.</p><p></p><p>The lawyer who handled my closing is on my area--I think I will ask her if what I am thinking of doing is a smart thing to do.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 933286, member: 12570"] Dilli, it would not be a loan--I would be pre-paying my rent. I would think that they would put the money toward the mortgage but would have no say in how the money would be used. I would not be making the actual mortgage payments so would have no interest deduction to claim on my taxes. I would basically be handing them a check in exchange for a place to stay for free. If this worked out and I decided to stay after the free period is over I would pay rent that would be negotiated before I moved in. The only thing that I am not sure of is whether the money would be treated as a gift or as prepaid rent. The lawyer who handled my closing is on my area--I think I will ask her if what I am thinking of doing is a smart thing to do. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
Life After Brown
Advice Needed
Top