New Home tax credit, close relative law..?
Written By: admin on October 8, 2009
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I really thought I had this money in the bag, I had all the requirements except for one last problem, here is my situatin. We recently ripped down my mom’s house, dug a giant whole and had two semi’s built, my mom lives on one side and I live in the other. I got my mortgage and bought my home, at one point my side was owned by the builder, because he was fronting my side of the money until I got my mortgage, this way nothing was held up with the building process. My HUD-1 form states that the seller of my house is my mother, is there any way of me getting this tax credit, is there any way around this close relative law..without breaking the law.
I have a mortgage loan settlement statement that shows I paid the construction company 240,000, but this is the only paperwork that doesnt have my mthers name on it. I would reckon there would be a way around it since my mortgage loan got paid to the builder and not my mother.
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