Nashville Tenn Gift and Loan Assistance

[SFBOB]

Mother in California wants to gift home to daughter in Tenn. Home was purchased for daughter to live in while attending college.Daughter now graduated and married. Mother wants to gift home as seperate property to daughter. Basis $170,000 in hands of mother. FMV $225,000.mothers loan balance is $120.000. Daughter will rent the gifted property and hold as a long term investment. Problem is how can daughter obtain loan approval prior to actually owning the property. I need the name of a good Loan broker in the Nashville area. If a legal question; the loan broker should be able to find a Nashville attorney to work out changes to the deed. Daughter has a 3 year job history at $60,000 per year and should qualifiy for the new loan. Thanks for a name of a good loan broker. Have a good one. Bob

[Nashville]

Nashville CPA

Bob, as your post has been on the board for some time, looks like no one knows of such a person. I don't know of any "loan brokers" either. You might call the office of a couple CPAs who have been in business here a long time, with whom I have consulted a number of times for financial references::

Gillette & Henderson, CPAs
4811 Lebanon Pike
Hermitage, TN
(615) 889-1153

and explain the situation.

[SFBOB]

Thanks For The Suggested CPA Source

I will give them a call and let you know the results. Have a good one.

[DaveO]

Needless to say be sure the gift tax issues are dealt with. The IRS is paying much closer attention to this than in the past.

[SFBOB]

Gift Tax 709 Yes

Thanks for the heads up as the young folks say. My position is that I am on firm ground by reporting the gift equity of $55,000 on the 709. Mother receives no economic benefit from the transaction.Daughter receives the equity benefit. If it were a sale, the mother would pay tax on the $55,000 and receive the after tax money. It should not be that much of a problem for a sharp mortgage broker, they will make a nice commission. I will report the answer for everyones benefit" when I get the answer???"