Buying Parents a Home - best way to set it up?
Hey guys, first time poster..... Thanks for reading and responding to this.
I am going to be setting aside a comfortable amount of money into a dedicated bank account for my parents to purchase their "forever" home in Richmond, VA at Christmas this year. They are currently upside down in their residence (2007 hangover) and this will give them the flexibility they so desperately need.
My question for you experts here is how to best set up the residence itself. I'd like to get some tax advantages off the property, either by putting it in my companies name, getting some sort of "gift" value from it, etc...
I didnt know if I should tell them to buy the house they want, put it in my company name, and then I can take a loss off the "rent" that they dont pay the first few years? Etc... I really have no clue. But I have to imagine, buying someone/giving someone a house - there's got to a very smart way to play it for tax purposes.
Hope that I conveyed my question/concern.
Thanks everyone at BP!