No Homebuyer Tax Credit For Inherited Home, 3rd Circ. Says

Law360, New York (April 4, 2014, 6:07 PM EDT) -- The U.S. Court of Appeals for the Third Circuit on Friday refused to allow a man to claim an $8,000 first-time homebuyer’s tax credit, saying he did not purchase the home because it was inherited from his mother.

In a unanimous opinion, Judge Marjorie Rendell found that because Edward Zampella and his brother inherited the property, and then Zampella bought the property from himself as a co-executor of his mother’s estate, there was no “purchase” under the Revenue Code that could qualify him for the credit.

“Edward does not qualify as a first-time homebuyer because the documentation substantiates the Tax Court’s...

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