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levoyasacar
New Member

I got a condo as a gift from parents can I get equity from it to put down for a house.do I have to pay taxes for the money I take out?

 
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MinhT
Expert Alumni

I got a condo as a gift from parents can I get equity from it to put down for a house.do I have to pay taxes for the money I take out?

If you take out a loan based on the equity you have in your condo, you do not need to report it as income, and therefore no tax to pay.

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MinhT
Expert Alumni

I got a condo as a gift from parents can I get equity from it to put down for a house.do I have to pay taxes for the money I take out?

If you take out a loan based on the equity you have in your condo, you do not need to report it as income, and therefore no tax to pay.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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