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Anthonyacat
Fanatical
Last Activity: Yesterday, 10:53 PM
Joined: 29-10-2013
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  • No tax implications. But as John has said, the banks may not like it.

    If at all possible, buy the property without using your brother's funds, then use the gift to pay off $100k of the mortgage. Same net effect, but without the bank hoop-jumping.
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  • Anthonyacat
    replied to Greens Wealth Tax?
    I'd argue that someone with a $1M freehold house is rich. If someone was renting, but had $1M sitting in their bank account, would you consider them rich? I would. It's the same situation.

    It's certainly not an asset tax, because you can deduct your debt. If you have a $1.5M house but you...
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  • Anthonyacat
    replied to Property Accountant
    Hi Adam

    I answered you on the Facebook page too, but will copypaste for anyone who is here who isn't there.

    Property is a niche area of accounting and tax, with a few fish hooks. A lot of clients would be served fine by any old accountant (though best to find a CA!) but if...
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  • Anthonyacat
    replied to Revolving Credit
    It would be irresponsible of a bank to give you $350k without asking why. Don't you think? What if you're borrowing for something illegal - bribing someone, traffic drugs, pay a ransom, etc?
    Or worse, what if you're mentally unstable after a major surgery or distressing life incident, and want...
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