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    rich_h's Avatar
    rich_h Posts: 4, Reputation: 1
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    #1

    Mar 1, 2010, 03:06 PM
    First time home buyer tax credit
    My mother passed away, leaving her estate (including her house) to me and my three brothers (I am the executor). She had no debt. Can one of my three brothers buy the house from the estate and get the first time home buyer tax credit? He meets all of the other criteria.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #2

    Mar 2, 2010, 02:53 AM

    No. This is inherited property. Your U.S. Tax Return: First-Time Homebuyer Credit
    rich_h's Avatar
    rich_h Posts: 4, Reputation: 1
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    #3

    Mar 2, 2010, 06:44 AM

    I saw that there was an inherited property restriction, but my mother did not leave him the house; he is a co-beneficiary with me and my other two brothers. He would have to buy the house from the estate, so does the inheritance restriction still apply? The purchase price is $300,000.
    Thanks.
    rich_h's Avatar
    rich_h Posts: 4, Reputation: 1
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    #4

    Mar 5, 2010, 07:54 AM

    Just a follow up to my original question. I checked with an attorney (who handles real estate closings) and two tax professionals, and they all agree that since my brother would be buying the house from the estate, he is entitled to the tax credit. Does anyone have a different opinion?
    Thanks.
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