Posted on: 12th Sep, 2013 12:19 am
Hi there... One of our relatives have a poor credit. He is also facing some issues with the IRS. He now wants to buy a property in cash under my name so that he has a place to live after retirement. If I agreed to it, what would be the implications for me?
If the property is purchased in your name, then you will become the owner of the property. Thus. later on, when you try to buy a house of your own, you will not be considered a first time home buyer and you will not be able to claim the first time home buying benefits.
Hi Fabio,
You should remember that this will actually be a fraud against the IRS. You can ask your relative to avoid any such deal.
Thanks
You should remember that this will actually be a fraud against the IRS. You can ask your relative to avoid any such deal.
Thanks