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

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October 18 2009 - Green Bay
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Answers (3)

Profile picture for Chris C Smith
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.).

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October 19 2009
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?
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October 18 2009
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)
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October 18 2009
 

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