what are the advantages of first-time home owner?

[mooncancook]

My parents wanted to put my name on their house, and I wanted to get my own house in a couple years. This will screw my status of first-time home owner. should I be concerned?

 

[theGlove]

Originally posted by: mooncancook
My parents wanted to put my name on their house, and I wanted to get my own house in a couple years. This will screw my status of first-time home owner. should I be concerned?

tax deductible interest and possibly some loan programs for first time buyers. But you can impress the girls and possibly get some free s*x from the gold diggers out there

 

[mooncancook]

are most of the programs for first time buyers for ppl who qualify as low-incomer only? i don't think i qualify for low-income so i don't know if i should concern. my gf doesn't want me to coz she's concerned we'll lost some first time buyer discounts.

 

[dartworth]

parents > gf

 

[Thegonagle]

I'm not sure about you losing any advantage, but the disadvantage to your parents' plan is that they might go to jail for tax fraud, or whatever crap they're trying to pull.

 

[theGlove]

Originally posted by: Thegonagle
I'm not sure about you losing any advantage, but the disadvantage to your parents' plan is that they might go to jail for tax fraud, or whatever crap they're trying to pull.

yeah why exactly are your parents wanting to put the house under your name?

 

[DaWhim]

advantage for owning a house, you get to pay home owner insurance and more taxes

 

[dartworth]

Originally posted by: DaWhim
advantage for owning a house, you get to pay home owner insurance and more taxes

Do you own a house?

 

[mooncancook]

i don't own a house. my parents just don't wanna have too much property associated with them as they are getting old. it's not like a lot but they are concerned that they'll lose a lot of benefits for owning a house. seriously i don't know what they are worrying about

 

[Sluggo]

Originally posted by: mooncancook
i don't own a house. my parents just don't wanna have too much property associated with them as they are getting old. it's not like a lot but they are concerned that they'll lose a lot of benefits for owning a house. seriously i don't know what they are worrying about

Lots of issues come up for doing stuff like that, talk to a lawyer.

It could be viewed as hiding assets.
It could screw up your cost basis (tax consequences) if/when you inherit the home.
It could have big tax implications for both of you.