My mom passed away six weeks ago and left her house to all three of her kids equally. I decided to buy the house and I’m the process of competing paperwork to assume the mortgage. I agreed to pay my sisters for their share of the house and to put the deed in my name only.
With the money my mom left me, I have enough to pay my sisters completely, but I’m wondering if I should to that. After I pay my sisters, I’ll have at least $30k left over. I guess I can just put that into savings.
My question is: should I pay my sisters outright (no gift tax in my state) or should I take out a personal loan and pay it out over three years with a 7.5% interest rate?
Part of the money is in an inherited IRA, but I have to withdraw it within ten years, and withdrawing all $50k from the IRA will not put me in new tax bracket for 2023 - so I think there are no problems there.
Thanks so much for your help. I’ve never had to worry before about having more than $10k in the bank.
Submitted October 19, 2022 at 11:39PM by osubusmaj https://ift.tt/deI0caV
