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QUESTION DETAIL
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I am m a first time home buyer who recently got married. We are buying the home with my wife's grandfather's trust. Do we still qualify for the $8,000 homebuyer Tax Credits?
ANSWER
The BIDaWIZ Team's Answer:
See the eligibility requirements, via IRC 36(c)(3)(A). You cannot buy the house, from a related party, but
if you simply use "gifted" money to purchase the home, from an unrelated third party, you are eligible;
assuming that the other eligibility requirements are satisfied.
