Quote:
Originally Posted by MoneyGuy
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.
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It is true. I work in pre-sales, and the property is not officially owned or purchased until completion. Assigning the name on title before completion will change who the buyer is.
The rest, I'm misunderstanding.
If the kids go on title and have this as a second home and then sell, wouldn't they be taxed as a cap gain? where as having the unit as a primary residence in the mothers name would not?
or are you referring to the kids being on title for the mortgage only, not the property?