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).
Rachelle Hellams, Esq.
Associate Editor, Wealth Strategies Journal