Tolentino
2020-11-04 19:08:36
- #1
The retractable gift only works for the last 10 years. So it's better to act quickly now.
Also: she doesn't have to give it to you as a gift, she could basically sell it to you (at a family price) and then pay rent (family rent). Then you reduce the repayment and can nicely deduct all the interest. Since you are the only child, you might inherit any remaining assets.
Or, if not desired in advance:
She can also sell the house when her money runs out, with a lifelong right of residence (which reduces the purchase price). Either to you, or if you don't want to, then to someone else. That way capital comes in again and she can continue living there (may then also have to pay rent, depending on the contract).
In these thought experiments I assume a normal bungalow for one person.
A multi-family house is too expensive and risky...
Also: she doesn't have to give it to you as a gift, she could basically sell it to you (at a family price) and then pay rent (family rent). Then you reduce the repayment and can nicely deduct all the interest. Since you are the only child, you might inherit any remaining assets.
Or, if not desired in advance:
She can also sell the house when her money runs out, with a lifelong right of residence (which reduces the purchase price). Either to you, or if you don't want to, then to someone else. That way capital comes in again and she can continue living there (may then also have to pay rent, depending on the contract).
In these thought experiments I assume a normal bungalow for one person.
A multi-family house is too expensive and risky...