@Vince456098 wrote:
Thank you! Very helpful.
So I assume it is the best way to help our son get his first apartment with everything under his name?
"What's the best way to help my son buy a home" is a lot more complicated, and not really a tax question. Potentially, you could hold an official mortgage, that would give you some protection if your son got into financial trouble and couldn't repay you. Or, you could give them money to afford a large downpayment so they could get a bank mortgage with more favorable terms. That would help them with their credit rating, although the interest rate would be higher than the minimum federal rate. These are the kinds of questions to take to a financial advisor.
