Legal Question in Real Estate Law in Massachusetts
Hi,
I am a Russian national attending university in Boston, MA. I am looking into purchasing an apartment to live in for my final two years of school. Ideally the apartment would be paid for by my parents, and then the title transfered to my name, and I would retain the property for the foreseeable future as an income generating investment.
My primary concern is, can the money for such a large purchase come directly from my family without incurring some kind of trans-generational gifting tax?
On a different note, as a foreign national with no US credit history, would it be possible for me to get a reasonable mortgage on the apartment?
2 Answers from Attorneys
It is not a great idea for someone in the US plan to make a big transfer like that without seeking the advice of a tax professional. Talk to a lawyer. If you want a referral, I would be happy to make one for you. 617-230-2779
As you are not a US citizen and nor are your parents (I assume this to be the case) and you are not here as a permanent resident, there should be no US Gift Tax applied to the transfer.
As you are a student and I assume have no income, you would not qualify for a Mortgage. Your parents could co-sign, but without some kind of banking relationship in the US this would be difficult. Your best alternative would be to have your parents contact their bank in Russia and see if they could assist them in obtaining a US mortgage on the purchase of a Condominium here.
Good Luck
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