House Deposit question: my mom is willing to help us out.

Long and short of it is, my mom is willing to lend me and my husband some money to put towards a deposit on a house. Has anyone here done that? Was there an issue with the money transfer? how did it affect taxes or reporting? I am in the process of contacting a tax advisor but wanted first experience if anyone has it.

Thanks!

Long and short of it is, my mom is willing to lend me and my husband some money to put towards a deposit on a house. Has anyone here done that? Was there an issue with the money transfer? how did it affect taxes or reporting? I am in the process of contacting a tax advisor but wanted first experience if anyone has it.

Thanks!

My parents did that - money was from and to the UK though. They had to write a letter to the bank saying it was a gift not a loan (if it's a loan that **MAY** affect how much the bank will lend you - talk to your proposed mortgage lender about their policy on it) and confirming their ID for money laundering purposes. So far as I remember that was it.

Thanks!