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user0665342

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Can I co-buy a home with a relative who does not reside in the U.S.?

Are there any tax implications?  I reside in the U.S. and would like to purchase a home with my relative who doesn't live in the U.S.  He would pay 60% of the property pprice and I want to apply for a loan for the remainder. Are there any tax implications for my relative? would he still need to pay tax in the U.S. if the property is purchased for our personal use, and as our primary residence and he would visit on vacation?  What is the process to submit for a loan when we co-buy and would my relative need to be on the loan application (he's paying 60% in cash)?  If he were to gift that amount to me so I can buy the house, would I be taxed in the U.S. for the gift amount even if I apply it all to purchase of the house?  Thanks so much for your help!

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