I am considering paying cash for a condo for my daughter to use while she is in college, instead of renting an apartment . She has no income and my only income is from interest on my investments (approximately 10k per year). My thinking is that the tax benefits of a rental property would be good for me even though there would be no rent paid. I am also considering putting her on title with me so she would benefit from home owner status and potentially take over the other tax benefits after graduation when she begins working. Your thoughts on the best way to title the property would be greatly appreciated.
1 Answer from Attorneys
Re: purchase property
You should consult an attorney and financial planner to help you sort this out.