Here is my question. Some of you know my situation, some don't but here is the short of it. My mother passed away and left her house to her 3 sons. I am going to buy out my brothers and own the house. Now this is where my question comes in. I was looking over the IRS website about the tax credit and after reading the info pasted below I do not know if I would get the credit or not. The title/deed for the house is still in my mothers name. Does anyone have any advise on this?Taken from http://www.irs.gov/newsroom/article/0,,id=206291,00.htmlQ. Who cannot take the credit?A. If any of the following describe you, you cannot take the credit, even if you buy a new home:oYour income exceeds the phase-out range.oYou buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.oYou do not use the home as your principal residence.oYou are a nonresident alien. (11/19/09) by clhack from Normal, Illinois. Jan 22nd 2010
I spoke to a Tax professional we work with at my office and she tells me that you will be ineligible to take the tax credit because you are buying from a relative. she says this language is very strict in the tax code.
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