<prompt> Human: Im moving to NYC soon and instead of renting an apartment, my dad suggested that we buy so that the 30,000 or so that I pay every year isnt just being wasted and would instead be put towards the mortgage so that we eventually own the property. My dad is wondering with regards to taxes saving money, whats the best way to go about the ownership of any potential condo were interested in.Is it smarter for him to be the sole owner and lease the apartment to me? Or is it the same if we are joint-owners and because he primarily workslives out of China, so he wouldnt actually be living in the apartment and thus wouldnt be considered a NYC resident and subject to NYC tax?Also how taxes would work in this case since most of his money are in Chinese bank accounts? For the initial down payment on the apartment, he would have to move quite a large sum to an American account which would then be subject to taxes correct?Would it better for him in this case, to transfer funds to me as a gift tax, so I would have enough money to sign the apartment as a co-owner thus resulting in less taxes on his end?Im completely new to buying, so sorry if this seems like a beginner question! Thanks!Assistant: So is he planning on buying it outright or getting a mortgage for it? Lenders look at non-occupant borrowers different than occupant borrowers. Similarly if he is buying it himself, it could be listed as a second home or investment property depending on what other properties he owns. If he is listed on the title of the home, it would not be eligible for homestead exemption as he does not live there. Thus resulting in more property tax paid. Human: No, we wouldnt be buying it outright. The places were looking in NYC are around 700k so I think the plan right now is we do a 30 down payment and pay off the mortgage during the time Im living there which is a minimum of 3 years for graduate school. So basically, regardless of if hes the sole owner or if hes a joint-owner, he would still be liable to NYC property tax despite not living there as his primary residence? He is looking at it as a form of investment though. Assistant: Yes, every property is subject to property taxes. Human: Do you know how taxes would work in this case since most of his money are in Chinese bank accounts? For the initial down payment on the apartment, he would have to move quite a large sum to an American account which would then be subject to taxes correct? Would it better for him in this case, to transfer funds to me as a gift tax, so then I would have enough money to sign the apartment as a co-owner and he would pay less taxes? I guess this was the bigger concern of my post.Assistant: Ask an accountant Human: Guess Ill head over to reddit.comraccounting  <response>: No call an accountant and set up an appointment. You shouldnt be asking random people on Reddit how to structure an international asset purchase. I doubt most of them know the legal structure for a purchase with the owner in China and real estate in NYC. Nyc is a mess to deal with on its own. 