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In my opinion, YES... the sibling may be eligible for first time homw owners benefits as she /he would be buying out the share / portion of the other two which are NOT acquired by gift or inheritance by him/her.
I hope the above helps...
Thank you for your reply. In your reply you noted that due to the fact that the share/portion of the two siblings are NOT acquired by gift or inheritance, therefore the sibling buying out the shares/portion would be entitled to the first time home buyer offering. Just want to make sure that your answer took into consideration that originally the two siblings did acquire their share through inheritance.
Second part of my question: In the event some of the other siblings with shares/portion do not require to be bough out, and are in agreement that the one sibling can move forward and acquire a mortgage to buyout the portions of the two mentioned above, would the sibling acquiring the mortgage, still be eligible to take advantage of the first time home owner offering? I realize this is not your everyday question regarding the first time homebuyer qualifications; however it is very important to me to find out if I will qualify and the documentation is vague. I look forward to your feedback.
I feel this requires detail and expert interpretation of IRS provisions of first time tax payers benefits.
I am therefore, opting out and transferring this to TAX Category wherein the tax expert may help you.
You had posted your question in Finance catagory and not Tax. You have not paid anyone until now and You will not have to pay twice. Somebody from tax will attend your this question.
You are welcome..
Anne is correct in her understanding. There is no fractional inheritance that would be taken into account for the firsttime home buyer credit. Also, because you would be purchasing your home from your siblings (even just a portion) you would not be allowed to use the credit because they are considered closely related to you.
You may want to just click on accept for Anne if you still can since that expert has worked with you extensively on this subject and she is correct.
Thank you and best regards,