Legal Question in Real Estate Law in New York
I recently acquired a certain amount of cash that I would like to invest in a second home and place the deed soley in my 16 year old daughters name alone. Would I face any recuperations from the IRS by doing this.
Asked on 5/19/12, 2:26 pm
1 Answer from Attorneys
Christopher Mitchell
Law Offices of Laurence Kramer, PLLC
The certain amount of cash that you recently acquired could be deemed taxable income by the IRS depending on exactly how you aquired it. Additionally, at 16 years of age, your daughter is still a minor and cannot hold title to property. An option would be to create a trust for the benefit of your daughter and transfer the property into said trust once purchased.
Answered on 5/21/12, 7:24 am
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