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
Rick Pelleriti (RickPelleriti)
#366 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.
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.
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