Comments on: College Savings Plan http://3poundsofrealestate.com/2007/09/22/college-fund/ Just another WordPress weblog Wed, 28 Jul 2010 12:06:35 -0700 http://wordpress.org/?v=2.8.1 hourly 1 By: Tax Guy http://3poundsofrealestate.com/2007/09/22/college-fund/comment-page-1/#comment-10341 Tax Guy Mon, 23 Nov 2009 03:45:12 +0000 http://3poundsofrealestate.com/?p=12#comment-10341 I've been included in taxes for longer then I care to acknowledge, both on the personal side (all my employed lifetime!!) and from a legal stand since satisfying the bar and following up on tax law. I've provided a lot of advice and righted a lot of wrongs, and I must say that what you've posted makes impeccable sense. Please carry on the good work - the more people know the better they'll be armed to cope with the tax man, and that's what it's all about. I’ve been included in taxes for longer then I care to acknowledge, both on the personal side (all my employed lifetime!!) and from a legal stand since satisfying the bar and following up on tax law. I’ve provided a lot of advice and righted a lot of wrongs, and I must say that what you’ve posted makes impeccable sense. Please carry on the good work – the more people know the better they’ll be armed to cope with the tax man, and that’s what it’s all about.

]]> By: Rob Aubrey http://3poundsofrealestate.com/2007/09/22/college-fund/comment-page-1/#comment-10 Rob Aubrey Mon, 22 Oct 2007 12:09:20 +0000 http://3poundsofrealestate.com/?p=12#comment-10 Hi Rhonda, I always would refer the “Kiddie Condo” to FHA because the parents could co-sign and the equity would be in the child’s name. Then as long as they owned and occupied more than two years they would avoid capital gains tax. It is my understanding because the parents were obligated for the loan and they made the payments, they could deduct the interest too. I am not an accountant. We both recommend you seek the help of a CPA for your taxes. I am curious to how that property is treated for capital gain purposes. My article was more to do with paying for college tuition than housing. More on the lines of a family trust, that is past down form generation to generation used just as an education fund. Each generation could pull the cash out provided that the terms of the note were paid off in time for the next generation. Or simply use the monthly revenue to make tuition payments. However it is structured. Hi Rhonda, I always would refer the “Kiddie Condo” to FHA because the parents could co-sign and the equity would be in the child’s name. Then as long as they owned and occupied more than two years they would avoid capital gains tax. It is my understanding because the parents were obligated for the loan and they made the payments, they could deduct the interest too.

I am not an accountant. We both recommend you seek the help of a CPA for your taxes.

I am curious to how that property is treated for capital gain purposes.

My article was more to do with paying for college tuition than housing. More on the lines of a family trust, that is past down form generation to generation used just as an education fund.

Each generation could pull the cash out provided that the terms of the note were paid off in time for the next generation. Or simply use the monthly revenue to make tuition payments. However it is structured.

]]> By: Rhonda Porter http://3poundsofrealestate.com/2007/09/22/college-fund/comment-page-1/#comment-9 Rhonda Porter Mon, 22 Oct 2007 01:43:24 +0000 http://3poundsofrealestate.com/?p=12#comment-9 There are now Fannie Mae/Freddie Mac programs available where parents can buy property for their college bound kids without it having to be treated as "non-owner occupied". There are now Fannie Mae/Freddie Mac programs available where parents can buy property for their college bound kids without it having to be treated as “non-owner occupied”.

]]> By: 3 Pounds of Real Estate » Home Ownership As A Savings Plan http://3poundsofrealestate.com/2007/09/22/college-fund/comment-page-1/#comment-8 3 Pounds of Real Estate » Home Ownership As A Savings Plan Sat, 13 Oct 2007 13:02:47 +0000 http://3poundsofrealestate.com/?p=12#comment-8 [...] See College Savings Plan Tags: Real+Estate, Salt+Lake+City, Investing, Buying, Selling [...] [...] See College Savings Plan Tags: Real+Estate, Salt+Lake+City, Investing, Buying, Selling [...]

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