Sunday, November 15th, 2009

First time homebuyer tax credit question?

Homebuyer tax credit
M asked:


I purchased my home from a trust (it belonged to my great uncle) and my grandmother was one of the trustees; do I still qualify for the first time homebuyer tax credit?

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3 Responses to “First time homebuyer tax credit question?”

hrblockerrolquinn Says:
November 18th, 2009 at 2:00 am

Dear M: Look at the IRS regulations at. A disqualifying position is buying a home from a close relative. I would get an opinion from the IRS by calling 800-829-1040. Get the agents name and number and you’re covered if the IRS ever audits you.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

ninasgramma Says:
November 19th, 2009 at 11:18 pm

I assume the grandmother is not an owner of the property and that none of the property you received was a gift or inheritance.

If true, purchasing the property from your great-uncle’s trust does not disqualify you for the credit.

v b Says:
November 22nd, 2009 at 1:01 pm

Mr hrblock’s advice about getting the assistor’s name and badge number is relatively worthless. Unless it’s in writing, it won’t stand up in court.

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