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We bought a home from our my wifes parents in August 2009.

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We bought a home from...
We bought a home from our my wife's parents in August 2009. I've heard tax laws allow for the Home Buyer Tax Credit, as it relates to in-laws prior to Nov. 6, to be qualified and that after that point, it was a loophole that was closed along with the extension. Is this true?
Submitted: 7 years ago.Category: Tax
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Answered in 21 minutes by:
4/1/2010
Tax Professional: Stephen G., Sr Income Tax Expert replied 7 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
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Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

 

No. It is not true. Purchases from relatives, including in-laws in your case & parents in your wife's case have never qualified for the first time home buyers' tax credit.

 

 



Edited by Stephen E. Grizey, CPA on 4/1/2010 at 3:41 AM EST
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