4 ms·
What? You just report the money to the lender as a gift from parents, you can't pretend the money is yours even if you wanted to because the banks ask for years
by root_axis 2y ago
What? You just report the money to the lender as a gift from parents, you can't pretend the money is yours even if you wanted to because the banks ask for years of bank statements in order to verify your income. When they see a giant injection of cash that wasn't reported they'll demand that you explain it.
- vundercind 2y agoYes, you report it as a gift. If you later pay it back, you committed fraud. [edit] to clarify what may be a point of confusion: Rich parents are often in a position to comfortably gift their kid(s) tens of thousands of dollars for their first down payment. Non-rich parents are more often in a position to somewhat-uncomfortably “gift” that money. It’s a gift on paper, but it’s actually a loan and they need the money back eventually (maybe for the next-oldest kid to borrow for the same purpose, lol). That’s when it’s fraud.
- doubleg72 2y agoDefinitely not.. they can’t prove beyond a reasonable doubt it was a loan originally.
- vundercind 2y agoYou agree it’s illegal (it is) but don’t think it can be proven? “Here are bank records showing the defendant received $5,000 dollars. Here are further records that show payments back to the person who sent the original $5,000. They occur over a span of eleven months. Eight transactions are for $500, one is for $450, and a later one is for $550, totaling $5,000. Only one month in this otherwise contiguous span—December—is skipped, with no payment occurring. Mr. [defendant], was this $5,000 in fact a loan?” You’d have reasonable doubt?