Wife's father makes a lot of money, owes the IRS 30k that he is making payments on over the next 10 years. He wants to buy an $85,000 house on some land under my wife's name due to owing the IRS money. He would pay this in cash and would pay the taxes. Him paying is of no concern to me, I know that he's good for it. (He's given us over $10k for no reason, and a nice SUV for free).
My main question if we did it was how would it effect us and our taxes? I also wondered why he doesn't just use that cash to pay off the IRS and get a loan for the house in his name.
Submitted March 04, 2018 at 08:33PM by Newport_pleasue http://ift.tt/2CXiQzn
