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Loan for Gift Tax?

I recently inherited a home valued at around 250,000. I have to pay a 50.000 gift tax, I was curious if I could take out a loan using the property ITSELF as collateral. by jeremyp938 from Riverside, California. Dec 28th 2010 Reply


Rick Pelleriti (RickPelleriti)
#363 ranked lender in California - 59 contributions

I imagine you have spoken to your tax advisor about the tax.Regardless, the answer is yes - assuming you can qualify, and there is enough equity, you can use the house as collateral. That is normal.

Dec 28th 2010
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

You should be able to. However, there is a restriction on the timing since you need to be on title for six months before you can refinance. So how you take title will dictate if you could refinance immediately.

Dec 28th 2010
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