If I buy something as a kid does it make it mine?

Question

I have $2000 and im buying a laptop with 100% my money. I got it from working a summer job. I want to buy a laptop but my parents said if i buy the laptop it does not make it mine it makes it theirs because im living in thier house. Is this true, i mean it is my money shouldnt the laptop be 100% mine.

Answer 1

In theory, yes. In practice, no.
Your parents can control what you do with any property you buy as well as limit your access to it. I see this as reasonable, to an extent. But just on gut instinct I would say they can't legally destroy it or take it away from you permanently. If, let's say, they took away your laptop for their own personal use and never give it back you could possibly sue in small claims court (not that that would do anything to help the family relationship). But the value of the laptop could also be considered income for them by the IRS. *Any* property a person acquires, regardless of where he gets it from, if it has monetary value, is considered income and must be reported (with a few exceptions that aren't relevant here). So if your parents get greedy after seeing you get your laptop, just calmly tell them "fine, but you better report that $2000 to the IRS on your next form 1040 as income, or I certainly will".

As a practical measure to keep things fair, you can put password protection on your laptop's Windows accounts (and even a BIOS-level password, if you really want to secure it), so even if your parents take your laptop away they won't be able to use it for anything. That way, they can still punish you if you did something wrong, but they can't commandeer your computer just because they want to use it for themselves. I hope, however, that your parents are reasonable about letting you use it, and you would be willing to let them borrow it once in a while if they happen to need it.

Answer 2

They are partially correct. As pointed out by others, minors do not have the ability to enter into a contract. Any type of purchase is considered a contract, no matter how small it is. The fact that you are living in their house is irrelevent; they are your legal guardians regardless of where you live. This does not mean, however, that minors are not allowed to own property. If you get the laptop and your parents take it from you, it can be considered theft (felony theft, actually). Their only recourse would be to go to where you got the computer from and tell them that the sales contract is null and void because you are a minor (i.e. they CAN make you take it back for a full refund). The store has no option on this regardless of their return policy since they entered into a non-binding contract with a minor.

Answer 3

It legally belongs to you however, as a minor, your parents have control over you. Therefor, unless you want them to take it and sell it don't buy it or leave it in your locker at school.

Depending on in what country / state you live, you have no property rights until the age of majority.

EDITED FOR THOSE PLAYING ATTORNEY:

The fact is, in ALL 50 states, a minor MAY enter into a LEGALLY binding contract. I suggest, as one poster so eloquently put in his 'source', that taking a few law classes does NOT qualify you as an attorney.

A minor has ONLY the right to rescind. However, if a minor enters into a contract and does NOT wish to rescind, the contract on it's face is valid and enforcable.

An example of the right to rescind is in the purchase over time of an item such as a car. Before the first payment is made, the minor has the right to return the auto and demand all monies to be returned. However, if the minor has made payments (up to the discretion of the court) they have affirmed the contract and can't then ask to be let out of it due to the disability of age.

Answer 4

That does suck. As your parents they can do what they want. But it is legaly your laptop. If you got in trouble lets say and they decided to take it away from you for a week that would be exceptable. but if they just took it because they wanted a laptop too. that would be pretty messed up.,

Answer 5

Dang man, you're parents are kind of jacked up arent they. Its your money, your computer. Make sure you keep and hide your receipt. If they want their own computer, then they need to buy it themselves.

I wasnt aware that pruchasing a computer was a "contract". Its like purchasing a pair of jeans, its not a "contract". Now if he was to want to purchase some form of membership, that woudl be a contract.

Answer 6

As a minor you cannot enter into any legally binding arrangement, including purchases. Anything you buy is your parents but usually parents let the kids have their own property, especially if you bought it. I dont understand why they would even po9int this out.

Answer 7

As a minor, you can't legally sign a binding contract. The property is yours, but your parents have control of it until you reach the age of majority. In a nutshell: Yes, they can take it from you. They can mis-manage your property any way they see fit in the eyes of the law.

Answer 8

It's certainly yours. I think what your parents are doing is trying to limit your time/use of the computers.

Find out why they're trying to claim it as theirs, other than because you live under their roof.

Sit down with them and talk about it.

Answer 9

You are a minor. Oh and by the way, who is going to pay for the network connectivity?

Answer 10

i think they are just giving you fair warning that they will have control over your use of it and setting the thought that they can ground you from it.

i am sure they are not planning of keeping it when you move out.