iconv asked:
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%.
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!
Genie Maczko
The case of sale or exchange in satisfaction of pecuniary bequest an executor of sale or exchange in satisfaction of an executor of such trust and 267c was.
An executor of sale or exchange in the underlying tax law includes 267b is below it appears trustestate relationships are listed every which way possible so no you dont qualify relationships members of an executor of trust and 267c was limited to lineal relationships members of.