Profile picture for Missyneedsmoney

Can I buy a home from a family member and still qualify for the $8000 tax credit?

  • October 18 2009 - Green Bay
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Answers (3)

According to the federal tax form 5405 if your purchase is from the following relatives you do not qualify for the tax credit.  It is certainly best to consult a tax professional for complete details but here is the line from the "do not" qualify section:

A related person includes:
a. Your spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren, etc.).

  • October 19 2009
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Profile picture for wetdawgs
In the description on the IRS website, there are specific family members that are ruled out.    Which family member are you considering?
  • October 18 2009
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Profile picture for Mr Caveat
no, it needs to be an arms length transaction...

(there are some loopholes, you can by from distant relatives, etc)
  • October 18 2009
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