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Am I eligible for the $8K tax credit if I buy my first home from my grandmother's estate?

This will be my first home.  She passed last year and I have offered to purchase the house from the estate.
  • July 02 2009 - Red Creek
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Answers (1)

You do not qualify for the program if "you buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild".

I am assuming you are buying the home from her heirs which would be your parents and their siblings. It's possible that your parents could sell their share to a sibling and then you could buy the home from the sibling. But don't attempt this without consulting a tax professional (who will need to contact the IRS) because their could be unintended tax consequences for the heirs as well as not being allowed by the IRS.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html
  • July 02 2009
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