Answers (3)
- Allison Ables, "Gainesville Realtor"
- Contributions:458
I wonder if you could sell the home to a trust, etc and then have the company/trust sell the home to your son... I'm not a tax professional. Thanks for asking because I did not know about that condition.
- Michael Emery, "MikeEmery"
- Contributions:8074
If he is your blood relative,the answer is no. If you are his stepmother the answer is yes.
You cannot buy a home from an ancestor or lineal descendant and claim the credit. That would include spouse, parent, grandparent, child or grandchild.
A stepparent is not a ancestral or lineal descendant.
http://www.irs.gov/newsroom/article/0,,id=206291,00.html
You cannot buy a home from an ancestor or lineal descendant and claim the credit. That would include spouse, parent, grandparent, child or grandchild.
A stepparent is not a ancestral or lineal descendant.
http://www.irs.gov/newsroom/article/0,,id=206291,00.html
- wetdawgs
- Contributions:39533
No. You can see the rules on the irs.gov website, but a son is not eligible if purchasing from a parent.
Does the $8k credit for a first time home buyer apply if the home is purchased from a family member?
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