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by CareyBot

DEAR BENNY: My husband and I recently filed for bankruptcy after our home was foreclosed. My mother is willing to purchase a home in her name (as an investment property) and rent it back to us, as long as we can come up with the down payment for her purchase. My in-laws have agreed to provide the down payment. The terms of the investment loan do not allow the down payment to come from a third party, so the money needs to be "gifted" to my mother. Essentially, we would be renting the property back from her. Would there be tax implications to her? Could my husband and I get the tax credit for the mortgage interest and property taxes? --Heidi DEAR HEIDI: Sorry for your real estate loss, but it sounds like you have a great family to back you up. Your mother's house will be ...