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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122553  
Subject: Re: tax issue for borrowed car Date: 5/20/2014 7:00 PM
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Well, that's fraudulently understating liabilities on a mortgage application,
Maybe not.
If it's the sister's car, and the sister has no verbal or written contract that she will pay for it, then she isn't actually liable for it .

If the older daughter intends to 'write off' the costs of the car, but not pay for the car, it's tax fraud. If the older daughter intends to pay for the car, so it can be 'written off' but not put the liability on the mortgage application, it's mortgage fraud.

I guess you can take your choice about which kind of fraud she's going to commit. But it's still fraud.

If the older daughter isn't able to make a car payment for a needed car and still have enough income to qualify for a mortgage on the house/condo that she wants, then the older daughter shouldn't be buying that home - she's not financially ready to do so.

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