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Date: Thu, 20 Feb 2003 00:01:22 -0800
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Dear Swiss-Listers:
Another tax-related question that some of you might have some experience
with...
We are considering buying a house (first-time home buyers) in the U.S. and my
parents in Switzerland might help us financially with a personal loan for the
down payment.
The $100M questions:
1. What paperwork, etc. do we need to have to convince the IRS that
this a loan, not a gift?
2. Is there a legal way to deduct the interest payments paid to
Switzerland from our U.S. income taxes? What paperwork is
required?
The rules seem fairly clear (well, comparably... we are talking about the IRS
after all...) what to do if the loan comes from someone living and paying taxes
in the U.S., but if the money comes from abroad, this could be a different
story.
Any help is very much appreciated! Thanks in advance!
--Thomas
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Received on Thu Feb 20 2003 - 13:11:08 PST
