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

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2
Hi,

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
http://www.LisaCartolano.com
DRE # 01715440
1 vote Thank Flag Link Mon May 6, 2013
Hi,
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
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