Sunday, November 3, 2013
Those who inherit homes are not included in the definition of a first time homebuyer. The Tax Court recently held that an individual who had repeatedly, and successfully requested a homestead tax exemption for a home that he only had partial interest in could not receive the first time home buyer credit.
See Rachelle Hellams Esq., First Time Home Buyer Credit Conflicts With Inheritance of Family Home as Principle Residence, Wealth Strategies, Nov. 1, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.