Any Potential Tax Issues With Me Giving My Mom Money To Buy A House?

Your Questions Answered

At Ashlar, I firmly b that an educated home buyer or seller is best equipped to make their own decisions. That’s why I take time out of my day each and every day to answer someone’s real estate question. And, when I think the answer can be useful to you as well, I share it here. So without further ado:

Question:

Any Potential Tax Issues With Me Giving My Mom Money To Buy A House?

There are so very many ways to do what you want to do that you really need to speak with a professional.

If you give them cold hard cash that is almost 100% considered a gift which can have significant tax implications for either you or them (or both!).

There’s so many other possibilities (Trust, Tenants in Common, Remainderman, Right of Surviorships) to accomplish what you want as well, depending on what everyone’s goals are.

Real estate isn’t a car. There are TONS of options for ownership, occupancy, etc. So much so that a tax professional and attorney is needed to navigate them. They are WELL worth the price for at least a consultation.

There’s also a huge number of variables for gifts and lending. In many cases, if you give someone money they are immediately disqualified from certain mortgages.

So all in all, you need someone who can guide your through this stuff. If you need a realtor that can recommend knowledgeable attorneys and lenders let me know

South side you get close to phosphate mines in Mulberry. Shepherd Rd is usually the ‘limit’ of South Lakeland. North Side the further north you go your run into Green Swamp which is nearly pure wilderness and one of the largest in the state. Luxury areas are Lake Hollingsworth and Scott Lake area, with some high end planned communities spread here and there. you can kind of dins any home style you want except high rise condos.

Driving north end to south end takes longer and is a little more frustrating than you’d probably want to do on the daily. East to west is a little more enjoyable and easy.

There’s an arena so some concerts and similar events will come through but you will also be driving to Orlando or Tampa to see many as Lakeland just isn’t large enough for many tours.

Overall it still maintains a small town feel despite its size. There’s also a large number of corporations, distribution centers, and other such close by so there are better employment options than many other parts of the I4 corridor