Discussion:FIRST TIME HOMBUYER FROM ESTATE
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| Revision as of 19:56, 30 August 2009 Blrgcpa (Talk | contribs) (As far as I unde) ← Previous diff |
Revision as of 20:13, 30 August 2009 SCCPA (Talk | contribs) (While a husband) Next diff → |
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| {{ForumReplyPost|UserID=Blrgcpa|Date=30 August 2009|Text=As far as I understand, ALL purchasers must qualify for the credit or no one can take it.}} | {{ForumReplyPost|UserID=Blrgcpa|Date=30 August 2009|Text=As far as I understand, ALL purchasers must qualify for the credit or no one can take it.}} | ||
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| + | {{ForumReplyPost|UserID=SCCPA|Date=30 August 2009|Text=While a husband and wife must both be eligible, I know of no requirement that unrelated owners be eligible. To the contrary, the IRS Q & A discusses allocating the credit between buyers, and indicates that none of the credit would be allocated to any buyer who is ineligible for it. In this case, I believe the boyfriend could claim the entire credit. | ||
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| + | From http://www.irs.gov/newsroom/article/0,,id=206291,00.html - "A reasonable method is any method that does not allocate any portion of the credit to a taxpayer not eligible to claim that portion."}} | ||
Revision as of 20:13, 30 August 2009
Discussion Forum Index --> Basic Tax Questions --> FIRST TIME HOMBUYER FROM ESTATE
Discussion Forum Index --> Tax Questions --> FIRST TIME HOMBUYER FROM ESTATE
Mrbarrytax (talk|edits) said: | 29 August 2009 |
| Client has purchased home from estate of her grandmother with her boyfirent. Is estate considered related party? | |
Mrbarrytax (talk|edits) said: | 29 August 2009 |
| I have not asked her that question. Let's ASSUME SHE IS A BENEFICIARY OF ESTATE, would she be disqualified but boyfriend still eleigble to take entire or half of first time homebuyer credit? | |
| 29 August 2009 | |
| The property cannot be acquired from a person related to the person acquiring the property. | |
| 30 August 2009 | |
| PS, the beneficiary is automatically considered to be related to the executor. | |
Mrbarrytax (talk|edits) said: | 30 August 2009 |
| part two of the question, would boyfriend be entitled to take entire or half the credit? | |
| 30 August 2009 | |
| As far as I understand, ALL purchasers must qualify for the credit or no one can take it. | |
| 30 August 2009 | |
| While a husband and wife must both be eligible, I know of no requirement that unrelated owners be eligible. To the contrary, the IRS Q & A discusses allocating the credit between buyers, and indicates that none of the credit would be allocated to any buyer who is ineligible for it. In this case, I believe the boyfriend could claim the entire credit.
From http://www.irs.gov/newsroom/article/0,,id=206291,00.html - "A reasonable method is any method that does not allocate any portion of the credit to a taxpayer not eligible to claim that portion." | |
