>
Date: Thu, 20 Feb 2003 22:50:49 GMT
Switzerland
Cc: swiss-list_at_swiss-list.com
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In-Reply-To: <3E548B52.537D40BD_at_Sun.COM>;
from "Thomas M. Wicki" <Thomas.Wicki_at_Sun.COM> on Thu, 20 Feb 2003
00:01:22 -0800
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You need to talk to a tax accountant and at some point the title company, they
will be able to help you. The exact details very much depend on how the loan is
structured. I believe that this is the simpler problems.
The hard problem: the banks here will not like the fact that the down
payment is
a loan, in particular because you are a first time buyer (and they will ask you
where the money comes from).
In any case I would strongly advise you not to do this without professional
help.
Greetings, Claudio
on Thu, 20 Feb 2003 00:01:22 -0800 "Thomas M. Wicki" <Thomas.Wicki_at_Sun.COM>
wrote:
> 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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Claudio Fleiner claudio_at_fleiner.com
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Received on Fri Feb 21 2003 - 05:54:33 PST
