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    WMorg555's Avatar
    WMorg555 Posts: 105, Reputation: 1
    Junior Member
    		  
    #1

    Nov 1, 2012, 08:51 AM
    First time home buyer receives property from transfer
    I want to take advantage of using a retirement account to purchase a home as a first time home buyer. If a relative transfers a house to me that is already paid for , am I still considered a first time home buyer ?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Nov 1, 2012, 08:57 AM
    Hello W:

    The status of the seller isn't the question.. It's YOUR status that makes you a first time buyer.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Nov 1, 2012, 09:20 AM
    And there is no such thing as a transfer, it is a purchase. If and when they sign the deed over to you, you have purchased it.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Nov 1, 2012, 09:29 AM
    However, you have to pay fair market value. If you don't the IRS may look at part of the sale as a gift.
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