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Published: October 13, 2009
Q. I have received conflicting answers from real-estate agents, a mortgage banker and a certified public accountant as to whether or not I qualify for the first-time homebuyer tax credit. I inherited a one-third share of the home where I live. My siblings are also part owners of the house. All of our names are on the deed. I hope to purchase and move into a new home soon. Does my one-third ownership of an inherited house affect my qualifying for the tax credit? -- L.E.
A. Yes, it does, according to Mark Hanson of the Internal Revenue Service.
The credit of up to $8,000 is generally available to homebuyers with qualifying income levels who have never owned a home or have not owned one in the past three years.
Hanson cites information from the IRS Web site, www.irs.gov: "An ownership interest in a prior principal residence would preclude the taxpayer from being considered a first-time homebuyer. As long as the taxpayer owned and used the prior home as his principal residence, then he is not a first-time homebuyer." So, no. You are not eligible.
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