Home Buying in Oakland>Question Details

Oaklandish, Home Buyer in Chicago, IL

What are the tax implications of parents buying or helping to buy real estate for their children in California?

Asked by Oaklandish, Chicago, IL Mon May 6, 2013

Help the community by answering this question:



Are you planning on buying the property yourself or are you providing funds to help them purchase? Are you co-signing a loan or are you providing funds directly? How you you plan to help your kids will affect you differently in terms of taxes. I highly recommend you speak with your CPA to determine how each scenario would affect you regarding your taxes. Without having a full picture of your current situation and exactly how you plan on assisting your kids, it is difficult to answer your question.

I do recommend getting in touch with a CPA to help run the different scenarios for you based on the type of assistance you plan on providing.

I hope that helps!

Lisa Cartolano
Alain Pinel Realtors
DRE # 01715440
1 vote Thank Flag Link Mon May 6, 2013
That is a great question for a tax account. As a Realtor we can not give tax advice. If you are interested in buying a home please check my website http://www.joyelliott.com...I specialize in Hayward Hills, San Leandro, Castro Valley, Oakland and parts of the San Ramon Valley. I would be pleased to help you.
0 votes Thank Flag Link Mon May 6, 2013
What type of help are you speaking of? They may qualify for FHA 3.5% down or as low as half percent down payment program. You can gift them the down payment or closing costs but they may qualify for half percent down and portions of their closing costs. They could buy with minimum out of pocket expenses. It only takes a few dozen questions to qualify in minutes.

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0 votes Thank Flag Link Mon May 6, 2013
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