My mother owns the house my fiance and I currently live in. We (the three of us) would like to sell the home and my mother wants to use the profits as a down payment on our new home; she will be the third co-borrower/ a non-occupying borrower.
Would the down payment used for the new home still be considered a Gift from my mom or because she is listed as a co-borrower, there would not need to be a "formal" signing over of a Gift for tax purposes and it would just be a normal down payment on a home?
Thank you!
