Need Advice: Buying Condo For College Age Son
Son #1 in college, needs house so Son # 2 is putting up the money and adding college son to mortgage to qualify for better finacing.
How would one hold title in this case? Tenancy in common with 5% ownership to college son #1?
He, (college son) will not claim any deductions so can son #2 claim this propety as investment and claim interest and taxes and can he also take depreciaton, even though son #1 has 5% interest in property?
Son #1 will be paying a minimal amount and mom will be paying, ( as college son is still my dependent) and Son #2 will pick up the slack.
Any suggestions, pro or con, about makng such a committment?
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