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Welcome to Just Answer,
I'm sorry to tell you that the first time homebuyer credit is no longer available. I have provided information on the deadlines in the link below from the IRS.
I hope this clarifies your question.
Sorry you didn't mention the year you bought the home in your original question.
The answer is yes
You can amend your taxes by filing a 1040X return, if you bought, or entered into a binding contract to buy, a principal residence on or before April 30, 2010, and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
I have enclosed the 1040X for your reference.
Sorry for the confusion. Let me know if you need anything else. Have a great day.
I bought this house from my deceased Fathers Estate (Living Trust)
I was a 25% partner in the trust.
Is this considered to be from a "related person"?
This would generally be considered related. I didn't see anything in the rules exempting a person from taking the credit if the home is obtained from a related party. There are rules about payback of the credit when you sell the home to a related party after taking the credit. That was outlined in the link.
Yes there are rules prohibiting buying from a related person.
But being a minority (25%) owner of the trust, would I be elgible?
Here is the definition of the related party in point 5 of the attached.
And it would fall under the IRS section 267 (B) 6 and there is a trust relationship then it is a related party in your case. There is no mention of percentage.