B
Beezee
Guest
Hello,
I am currently living with my partner and our children in a house for which he pays the morgage. The house is solely in his name. He is in financial difficulty and possibly facing bankruptcy.
1)Is it possible for me to buy the house from him at a reduced (but not unreasonable) price before the banks foreclose?
2)If this is possible. Would I be liable to gift tax?
All comments appreciated,
Many thanks.
I am currently living with my partner and our children in a house for which he pays the morgage. The house is solely in his name. He is in financial difficulty and possibly facing bankruptcy.
1)Is it possible for me to buy the house from him at a reduced (but not unreasonable) price before the banks foreclose?
2)If this is possible. Would I be liable to gift tax?
All comments appreciated,
Many thanks.