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This page contains a single entry by Associate Editor published on November 1, 2013 7:26 AM.

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First Time Home Buyer Credit Conflicts with Inheritance of Family Home as Principle Residence

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The definition of a first time homebuyer does not include those who have inherited homes and identified those homes as a principle residence. The U.S. Tax Court deemed previous successful requests for a homestead exemption by a plaintiff, on a home he had inherited a one-third interest in, barred his current request for a first time home buyer credit.

 Gary P. Herring  v. Com. Of Internal Revenue, 2013 TNT 211-12 (Oct. 31, 2012).

 

Posted by:

Rachelle Hellams, Esq.

Associate Editor, Wealth Strategies Journal

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