Thursday, December 15, 2011

Can you buy a house with money received as a gift?

My parents are local business owners, and as a high school graduation gift I have considered what the possibility is of purchasing a home as an 18 year old without a job. If I were to receive the money for a house, full, in cash, as a gift, could I purchase a house with it? It just seems to me that the government wouldn't like this, because it's such a large amount of money not being taxed, which is subsequently being used to buy a house. It would be a house in the 60-100k dollar range. Would this go through easily, arouse suspicion, or just not be possible? I would of course secure a source of income, but it would only be after the purchase (the location of the house dictating where I find a job).

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