My mother wants to sell her townhouse. I would like to buy it from her. She wants to sell it for whats left on her loan morgage payment. How to do I purchase the house from her and still get the first time home buyers tax credit? Do I need a real estate agent or just go to the bank to get a home loan?

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Alicia Naiman    July 5, 2009

Unfortunately, to qualify for the tax credit, you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse.

Please consult with your tax advisor for more information.