Question 1

Can parents buy an apartment for their child in NYC or Miami?

Accepted Answer

Yes. Parents can purchase real estate for their children through direct title ownership, as a gift, or via trust or LLC. In NYC, co-op buildings may restrict parent-only purchases; condos and Miami properties are generally more flexible and welcome these arrangements.

Question 2

What are the tax implications of parents buying property for their children?

Accepted Answer

Gifting property can trigger gift tax reporting for amounts exceeding the annual exclusion ($18,000 per person in 2024). Structuring the purchase through a family trust or LLC can offer estate planning and liability protection benefits. Consult a real estate attorney and CPA before structuring.

Question 3

Is it better to buy in the child's name or the parent's name?

Accepted Answer

Buying in the child's name avoids future gift and estate tax complications but removes parental control. Buying in the parent's name preserves flexibility. Many families use a family LLC or irrevocable trust to combine parental control with efficient estate planning.

Question 4

Can non-US-resident parents buy a condo for their college-age child in NYC or Miami?

Accepted Answer

Yes. Foreign parents can purchase condos (not co-ops in NYC) in their own name with no nationality restrictions. FinCEN beneficial ownership disclosure rules apply to shell company purchases. Standard individual purchases by foreign nationals face no legal barriers.

Parents Buying Property for Children in NYC and Miami

Begin with a conversation, not a listing.

Begin with a
conversation,
not a listing.

Parents Buying Property for Children in NYC and Miami

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Begin with a conversation, not a listing.

Begin with aconversation,not a listing.

Begin with a
conversation,
not a listing.