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Buying or Selling a Home/Purchase for a Minor
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Question
I have clients whose son is 17 and wish to buy him a house. Since he is not yet of age, can they quit claim it to him? Can he somehow take advantage of the first time home buyers credit of $8000...or can the parents since the house is for the son?
While the son may own property under the age of 18, he is not permitted to convey title until he is 18 or more. However, as for the rest of the question, Emoke, you really should consult with a tax expert, like a CPA or tax attorney. I wish you well.
Dick Dennis
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
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- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
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- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
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- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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