Here Are a Few Ways That Mommy and Daddy Can Help You Buy the House
By David Saks, Broker / Industry Analyst
Can Your Parents Help You Buy the House ? You might have a little money. But not enough to go for your dream pad. Mommy and Daddy have adjourned from the rat race and are enjoying their senior years. Can your parents help you buy the home ? That might be a possibility. Your mom and dad have to be certain that it won't be a strain on their resources. They need to know that they'll have enough money to make ends meet month after month. If your parents have any collateral, assets or anything of useful value we might begin here. Let's start with a 200 thousand dollar home. The first option is that mom and dad could purchase the house outright in their name. You could rent it from them with the benefit of a tax break. They could then gift it to you annually and get a tax break based on the p...
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