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My parents deeded me a home last year (gift). Would I qualify for $8000 credit if I purchase a home

Would I be considered a first time home buyer and qualify for the $8000 tax credit if I purchase a home?  I would keep the home my parents gifted to me and rent it out and I would live in the new home.

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December 28 2009 - Fresno High Roeding
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Keep in mind you may already be eligible for the tax credit for the home your parents deeded to you.
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December 28 2009

To be considered a first time homebuyer you can't have been on title as owner to any other property within the past three years of the new purchase, so no you would not be considered a first time homebuyer for the tax credit, even if the property was a gift - if you're the owner of record on title you wouldn't be eligble for the tax credit... Hope this helps!

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December 28 2009
moochlielu - the tax credit question is purely an IRS issue and not one that I'd trust a real estate agent or lender to answer for you.  You need to speak to your CPA or get a referral to one. They can best answer this question for you so you don't get yourself in trouble with the IRS.
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December 28 2009
 
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