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Trulia Brook…, Other/Just Looking in Brooklyn, NY

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

Asked by Trulia Brooklyn, Brooklyn, NY Tue May 21, 2013

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I am certainly not an accountant; however, depending on how involved in the process, you would be considered a co-purchaser, which would allow you to deduct mortgage interest and other things related to being a homeowner. Keep in mind that the current state of the banking industry, makes it a bit difficult for a co-purchaser to remove their name from the mortgage note. From my experience, banks are less inclined to release the borrower with the more solid credit history and higher income, unless the child can prove his/her ability to sustain without support for a few consecutive years.
0 votes Thank Flag Link Tue May 21, 2013
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