Real Estate

Buying a House but having Kid Name on it

  • Last Updated:
  • Jul 21st, 2020 6:33 pm
[OP]
Jr. Member
Dec 21, 2009
132 posts
46 upvotes
Toronto

Buying a House but having Kid Name on it

Hi All

Asking for a family friend.

He wants to buy a house but have his kid's name as the legal owners. His kids already have homes of their own and this is just another property in his portfolio but in their names. He will be paying half of the cost and rest on a mortgage. Is this doable?

Thanks
5 replies
Deal Addict
Mar 28, 2011
1284 posts
1143 upvotes
Toronto
Why is he doing that?

Is he aware that the sales of the home in the future will be taxed as capital gains to his kids since his kids already have a principal residence?

Does he make way more than his kids so the tax rates are cheaper for his kids to pay on any capital gains?
Deal Guru
User avatar
Mar 23, 2008
13006 posts
9952 upvotes
Edmonton
He needs to talk to an accountant. Not getting anonymous advice from an Internet forum with only limited information.

C
Deal Addict
User avatar
Aug 29, 2018
1392 posts
1369 upvotes
CNeufeld wrote: He needs to talk to an accountant. Not getting anonymous advice from an Internet forum with only limited information.

C
LOL but RFD way!! I need free info
Deal Guru
User avatar
Mar 23, 2008
13006 posts
9952 upvotes
Edmonton
BenzDude11 wrote: LOL but RFD way!! I need free info
Not only "free info". But "a friend needs free info"...

C
Deal Addict
Jun 7, 2017
1043 posts
832 upvotes
BC
Is what doable? Having a toddler as co-owner of a house? RFD, you are letting me down. Confused Face

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