$8000 new home-buyer tax credit applicable if buying from deceased family member’s trust?
by admin ~ December 3rd, 2009 . Filed under: Renting & Real Estate .
My grandmother passed away and I am looking to purchase her house. The house now belongs to her trust, ‘the estate of …’. I will need to take out a $185,000 loan even with a down payment of over 20%.
IRS tax form 5405 states: “Who Cannot Claim the Credit” “You acquired your home from a related person. A related person includes: Your spouse, ancestors (parents, grandparents,
etc.), or lineal descendants (children, grandchildren,
etc.).”
It sounds pretty clear that if she was alive, I would not qualify. But by my interpretation of the wording, I am not buying this from my grandparent, a person; I am buying it from her trust/estate, an entity.
Do I qualify for the credit? If possible, please reference your answer. Thanks in advance!
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Jackson Hustead
December 5th, 2009 at 12:44 am
The house then you can purchase the property and get the property and get the tax credit.