Profile picture for andrewbush3

First time homebuyer in May 2009, inherited Fathers house but sold this year.

Father passed away Jan 07, name put on the title in August 09, also sold house in August. Any possibility this will affect my chances of getting $8000 tax credit on 2010 taxes? Purchased new home with my wife.

  • October 19 2009 - Edmond
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (8)

Profile picture for Mr Caveat
i would still call the IRS, anyway. As i have said, nothing i've heard should bar you from claiming the credit...

the IRS though pays people to answer these types of questions for free and its about 3 months before the lines start getting too jammed to be worth it.
  • October 31 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If the inherited home was not your primary residence, then you can claim the tax credit on your purchase.  Of course, you have to meet all the other requirements as well.  I've reread the guidelines and they clearly use the language of "owned a primary residence".  Glad I could help. 

Which home was purchased in May?  If it was the home you and your wife purchased to live in, you are definitely fine. 
  • October 30 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for andrewbush3
Chris you are correct. I plan on trying to claim the tax credit on 2009 taxes for the home i just purchased, not the inherited home. The home did go through probate and was closed before the home sold. Also, 2 other brothers with name on the title.
Does it matter that the title was executed with my name on it in August 09 and I purchased the house in May 09?
  • October 30 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Mr Caveat
question for the IRS, my first inclination is that it shouldn't matter, especially if the home passed through probate properly because technically you would have been placed on the title as executor and the TID provided would have belonged to the estate, however i would still call the IRS.

was probate closed before the house was sold? was there probate?

get a badge number, name, date, time and ask the question. if you do that, you should be protected either way.
  • October 29 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Shannon and Michael, I dont think Andrew is trying to claim the credit on the house he inherited and sold, but on the home he purchased.

Shannon you are correct, you cannot claim the tax credit if you acquired the home from a relative.

Michael, if the home was a customer's primary residence in the last 3 years but the custumer didnt own the home, they would still be eligible for the tax credit as long as the home was purchased in allotted time frame.  I havent seen the language you descibed.  Where can one find it?

  • October 29 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Valrico REALTOR
I believe I read something on IRS.Gov that said you are ineligible if you acquire the property from a relative, including a parent.
  • October 29 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Was this home your primary residence at any time in the last three years? Or was this a rental property or a property that you did not live in at any time in the last three years.

If it was your primary residence at any time in the last three years, you would be ineligible for the tax credit.
  • October 29 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Because you have owned a home (whether you purchased the home or not) in the last 3 years it will more than likely mean you are ineligible.  I would definitely talk to an accountant or tax attorney as they would be able to provide further insight into this matter.  I hope this helps!

  • October 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.