I have a question about the implications of a California resident purchasing a condo in Minneapolis. My mother, a California resident, has cash in the family's Revocable Trust which she would like to use to purchase a condo in Minneapolis for me to live in - meaning the title of condo would be in the Trust's name, not mine or hers as individuals. I would be living in the property, and would be held financially responsible for property taxes and HOAs.
My questions are:
1. Will Minnesota allow me/my mother to homestead the property?
2. What are the tax consequences of a California resident owning Minnesota property?
I might be missing crucial information in order for someone to answer those questions. Feel free to ask questions.
Thank you!!
My questions are:
1. Will Minnesota allow me/my mother to homestead the property?
2. What are the tax consequences of a California resident owning Minnesota property?
I might be missing crucial information in order for someone to answer those questions. Feel free to ask questions.
Thank you!!