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 courtney
Joined: 21 Oct 2008
Posts: 1
1.34 Dollars($)
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 Posted: Tue Oct 21, 2008 8:53 pm Post subject: Best way to purchase without my name being on the contract? |
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| I am looking to purchase a property but my name needs to remain anonymous from the contract to purchase. I am trying to find the best way to accomplish this with the least amount of tax liability. If my mother purchases the property and quit claims it to me, what would the tax liability be for both her and I? I would be able to quit claim it direcctly over but my name cannot appear on the contract. Any ideas o another way to accomplish this, ie, setting up an LLC is appreciated! |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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| Posted: Tue Oct 21, 2008 9:27 pm Post subject: |
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Hi courtney!
If your mother purchases a property and transfers it to your name, there may be a tax levied for the transferring of the property.
You can try setting up an LLC however, you should remember that lenders do not generally agree giving loan for a property which is not in your name. You will have to search for a lender who gives such loans and check if the plans and programs suits you.
Thanks. |
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Wed Oct 22, 2008 8:33 pm Post subject: |
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Hi courtney!
There will be certain transfer taxes levied when your mother transfers the property to you. You can try setting up an LLC. There will be certain tax implications when you set up a LLC but it will again depend on the type of LLC you are forming.
Sussane |
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