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Author: Kamerica Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: Buying a home for my parents Date: 10/13/2006 11:57 AM
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My brother and I are considering buying my retired and cash poor parents a home in the Atlanta area. We want them to be free to use the money from the sale of their present home to live out their remaining years, so we will be making all payments, taking care of maintenance, etc. on the new home.

My brother lives out of state but I live in the Atlanta area. Am I correct in saying that the home would be viewed as a second home for me (as a result of my close proximity) but an investment property for him (since he is out of state)? Would it be better for just one of us to purchase the new house? Would my parents have to declare the new home on their taxes as a gift? What if we just supplied the down payment and they paid the monthly mortgage?

It seems to be particularly difficult to get answers on these types of questions. Any help you could provide would be appreciated.

Thanks,
KR
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