Tax Credit Buying House
August 3rd, 2010
Question: Why does buying a house from a relative make you ineligible for the 7500 tax credit?
I purchased my home from my grandmother in October of 2008, payed 75,000 for it. It appraised for 79,000 and I had to put 5000 down in order to get financing. What’s the difference??
Answer: The IRS does not consider such sales as ‘at arm’s length’. The tax credit was put into place to spur homebuying. The IRS feels that such sales would have taken place anyway, and may well have taken place in order to only obtain the tax credit, perhaps fraudulently.
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Income, Credit & Home Loans: Buying a House : Down Payment Assistance For Buying a House
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Tags: credit, finance, home, house, tax, tax credit buying house, tax credit buying house 2010, tax-credit