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About Helen P. O`Planick, EA
Expertise
I am a tax professional, with experience in individual taxation. I would prefer not to answer questions about non-resident aliens or corporate taxation. Please do not ask me state related questions, unless the state is Pennsylvania. There are 42 taxing states and 42 TOTALLY different sets of state tax law.

Experience
I have been preparing tax returns almost all my life. I have been in professional practice for 25 years and I am enrolled to practice before the Internal Revenue Service.

Organizations
National Association of Enrolled Agents

Publications
I am a prior Money Magazine Tax Test taker and have been quoted extensively in all media including monthly periodicals and books by tax authorities.

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Tax Law (Questions About Taxes) - First Time Home Buyer

Expert: Helen P. O`Planick, EA - 11/1/2009

Question
Hi,

I have a question about the 5405 form for the first time homebuyer credit. I purchased one of my parents investment properties in august of 09. My parents bought this investment property in august of 08 and did not do anything to it. It sat for a year and I decided to purchase it from them for 15000 dollars more, they agreed and I bought. I heard that i cannot "Acquire" a property and receive the credit, am I eligible because I purchased it. I am a first time home buyer and only bought it for this reason. I did not hear anything about this before and very nervous.

Thanks,

Answer
Sorry, since you bought it from your parents you are not eligible for the first time homebuyer's credit. The law specifically says you cannot buy from your parents. If you have already applied for the credit, you need to return it.

Helen, EA in PA

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