Question Details

Sara, Home Buyer in wisonsin

The house I know owned was my Fathers, I recently got the titled transfered to me.. Would I qualify for $8000.00 tax credit? I have never baught a hom

Asked by Sara, wisonsin Tue Sep 29, 2009

before?

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6
Good to see you too Dunes! Thank you very much!
0 votes Thank Flag Link Wed Sep 30, 2009
Thanks Angela, The IRS site has some pretty good info IMO and good to see ya...
0 votes Thank Flag Link Tue Sep 29, 2009
Thank you Dunes for the website reference! AWESOME as always! -Angela
0 votes Thank Flag Link Tue Sep 29, 2009
Sara

From the IRS site..

Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a new home:

You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild....http://www.irs.gov/newsroom/article/0,,id=206291,00.html

I guessing that would include inheriting if you cannot buy it from your parents and get the Credit...
As the others said you can check with a Tax accountant to be sure...

Dunes
0 votes Thank Flag Link Tue Sep 29, 2009
You will have to check with a tax accountant to be sure but I believe that the house has to be a purchase. It can't be inherited or gifted.
0 votes Thank Flag Link Tue Sep 29, 2009
Sara, part of the criterion to qualify for the First Time Homebuyer Tax Credit is that you have not owned a home in the last three years and that you purchased in 2008 or 2009.

I would suggest you speak with your tax accountant to be certain this is correct given your circumstances and see whether you are entitled to any other tax breaks.

Best wishes!
0 votes Thank Flag Link Tue Sep 29, 2009
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