Parents buying an investment under my name? (Tax issues?)
I'm a US citizen living in CA. However, my parents are not citizens and living in Europe.
They consider buying a real estate investment in cash (about ~60K). I want to know the tax implication for writing the house under my name.
The idea is that they will buy the house with their own money, will get any cash flow (if there's any), and pay for repairs. I will write the property under my name and, hopefully, later would refinance it to pull out some cash.
We're in a good relationship, so there are no worries regarding stealing money from each other or anything along these lines.
My main concerns are tax-related; is that a taxable event, how much, is there a way to avoid/reduce it? Given that the house costs about 60K, and "looking on it from the side" may seems like a big gift/present (which it isn't)
I'd appreciate any advice!