Forgotten Your Password?

Need to Register?

Question Icon

Question about the $8,000.00 tax credit.

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 Reply


Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions

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.

Jan 22nd 2010
1
0
Subscribe to our news feed.