Home ownership is a big part of the American dream. You may see your children struggle with that dream because of record high home prices, lower wages, and tight credit.

You want to help. Before you do, you need to consider the tax consequences.

Home ownership comes with huge tax savings because of the home mortgage interest and property tax deductions, not to mention the $250,000 ($500,000 on a joint return) exclusion.

You need to help in a way to best take advantage of the tax benefits of home ownership.

And you need to do this right. Applying your help incorrectly can destroy the tax benefits—for you, for your child, or even for the both of you. ... Log in to view full article.