Quote:
Originally Posted by Winsor_Pilates
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.
|
Not sure if youy're correct, but even if Mom can't qualify for the mortgage, the kids can go on title and it shouldn't affect the tax situation if that was done merely to assist Mom to buy the house and the kids are clearly not co-owners in the traditional sense.