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Real Estate
Eileen M. Day realtor
HOW PARENTS
CAN HELP
Considering the prices of new homes today, and the interest rates, it has become increasingly difficult for a young family to make their first home purchase. Many are getting nowhere, merely paying high rents year after year. They ought to have more than a roof over their heads. They should be building up some EQUITY.
Many parents wish to help. One way to do this — and to help themselves (taxwise) — is by buying a house TOGETHER. Under the liberalized tax rules, this can work out nicely. Say you and your son or daughter share ownership on a fiftyfifty basis. As parent/investor you will be entitled to depreciation deductions for your half provided these conditions are met: one, the purchase is financed with a sharedequity mortgage; two, you each own an undivided half interest in the property; three, the house serves as the principal residence of your offspring; and four, you the parent/investor, receive a reasonable rent for your half.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747 Phone: 675-3400. We’re here to help.
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