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millerfinancial · Joined: 17 Apr 2010 Posts: 1 1.36 Dollars($)

On 11-8-09 Grantee received home from Grantor for sum of $1. Provision in attachment to transfer required Grantee to pay estate $45,000 - no time frame set for re-payment. On 3-2-10 Grantee took out a mortgage on property to pay estate the $45,000, closing costs on loan, and monies for repairs. Prior to 11-8-09, the Grantee rented an apartment with her husband who is not a party to the home transfer transaction nor the mortgage taken out. Question: does Grantee meet the definition of 1st Time Home Buyer for the $8,000 Credit? I don't think the $6,500 move-up credit for existing homeowners is applicable.

Niicss · Posted: Mon Apr 19, 2010 4:13 am Post subject:

If the grantee did not own a property for the last 3 years and did not purchase the present property from family members, ancestors or linear descendants, then she will be able to qualify for a first time homebuyer's tax credit.

Guest

THANK YOU VERY MUCH FOR YOUR TIME IN REPLYING TO MY QUERY. I THOUGHT ABOUT THE FAMILY MEMBER ISSUE AFTER I POSTED MY QUESTION AND SINCE THE GRANTOR WAS THE GRANTEE'S GRANDMOTHER, I AGREE SHE IS NOT ELIGIBLE AND YOU CONFIRMED THAT. THANK YOU!

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