Tax Court Ruling on First Time Home Buyers Credit

Those who inherit homes are not included in the definitionof a first time homebuyer. The Tax Court recently held that an individual whohad repeatedly, and successfully requested a homestead tax exemption for a homethat he only had partial interest in could not receive the first time homebuyer 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.