Profile picture for davesdad1

First time home buyer tax credit

my son is trying to purchase his grandmothers house. She passed away recently and the estate (of which my wife is the personal representative)  would be selling the house to him. Does this relationship exclude him from being able to receive the tax credit?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 16 2010 - West Allis
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Profile picture for wetdawgs
The others are quite correct, he cannot purchase his grandmother's house and be eligible for the first time home buyer's tax credit. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 16 2010
Unfortunately the IRS rules do not allow the purchase of a home from a lineal or familial descendant when it comes to claiming the tax credit.

This relationship would disqualify your son from claiming the tax credit.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 16 2010
My understanding is that NO, he would not qualify for the tax credit. Here is some information directly from the IRS's websitte:

http://www.irs.gov/pub/irs-pdf/p4819.pdf

I hope that helps!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 16 2010
 
Related Questions
How to find an investor-friendly agent?
Profile picture for John  King
Latest answer by John King
July 15 2011 | 19 answers
First time home buyer tax credit
Profile picture for wetdawgs
Latest answer by wetdawgs
April 16 2010 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2117 S 83rd St, West Allis, WI Home For Sale
    2117 S 83rd St, West Allis, WI 53219

     For Sale: $64,000

    • Beds: 3
    • Sqft: 1260
    • Baths: 1.5
    • Lot: 6970
  2. 1345-1347 S 71 St, West Allis, WI Home For Sale
    1345-1347 S 71 St, West Allis, WI 53214

     For Sale: $129,900

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: --
  3. 8741 W Oklahoma Ave UNIT C, Milwaukee, WI Home For Sale
    8741 W Oklahoma Ave UNIT C, Milwaukee, WI 53227

     For Sale: $44,900

    • Beds: 2
    • Sqft: 1000
    • Baths: 2.0
    • Lot: 61763