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Updated over 6 years ago on . Most recent reply presented by

Ryan Moore's profile image
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Ryan Moore
  • Rental Property Investor
  • from Phoenix, AZ
  • Member since Jun 1, 2015
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Ryan Moore's profile image
Ryan Moore's profile image
Ryan Moore
  • Rental Property Investor
  • from Phoenix, AZ
  • Member since Jun 1, 2015
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Ryan Moore
  • Rental Property Investor
  • Phoenix, AZ
50
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224
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Tax, SDIRAs & Cost Segregation

The IRS and Borrowing from Family's HELOC

Ryan Moore
  • Rental Property Investor
  • Phoenix, AZ
Posted

I have the opportunity to borrow from my parents' HELOC to put towards the downpayment on a rental. They do not want to make money on it. They would loan it to me and I would be paying back just the P&I on the HELOC. Is that something that I have to still submit any IRS forms?

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Mark Bookhagen's profile image
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Mark Bookhagen
  • from Buffalo, New York
  • Member since Apr 16, 2014
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Mark Bookhagen's profile image
Mark Bookhagen's profile image
Mark Bookhagen
  • from Buffalo, New York
  • Member since Apr 16, 2014
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Mark Bookhagen
  • Buffalo, NY
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Mark Bookhagen
  • Buffalo, NY
Replied

The bank is going to have an issue with you borrowing down payment funds for an investment property.

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