Quote:
Originally Posted by Bobblehead
If you bought the condo then it is your gain (or if you and your wife both put in money, you can split it). It sounds as if your mother is a non-factor in this; she didn't buy it, you did.
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don't think that's true.
If this is a pre-sale, as it sounds to be, nobody has bought anything yet. They have simply entered into a contract to do so at a later date(February). If he assigns title to his mother and she completes on the unit, she is the buyer, not him. Deposits do not make you a buyer, only completing on the unit does.
If your mom can get a more favourable tax hit, and can get a mortgage, put it in her name.