AboutJay Allen Finn, CPA Expertise IRS Audits. All Collection Tax problems; specifically but not limited to, delinquent returns, bank levies, liens, garnishments of wages, Also specializing in Offer in Compromise. Limited to 1040/ personal tax issues
Experience 27 years experience as a CPA in the IRS defense area following a position as an IRS Auditor in the oil and gas industries.
Organizations Texas Society of Certified Public Accountants (Peer Assistance Committee), Houston Chapter of the Texas Society.
Publications Submit your articles.com
Education/Credentials BBA - Bachelors of Business Admin., Magna cum laude, Series 6 and 68 - Registered representative, Series 65 - Financial planner. Certified Public Accountant
Question I understand that if you are a first time home buyer but purchasing the house from a relative then you are not eligible for the tax credit. My son and daughter-in-law are in that situation, however, they are not going to enter into a loan directly with my duaghter-in-law's father, they are going to get a regular bank loan to buy the house. Does that make a difference? Also could the loan be in just my son's name, perhaps.
Answer You are correct in the fact that your son and daughter-in-law are no eligible for the First-Time Homebuyer Credit because they are purchasing the home from a relative. It would not change if the home was in your son's name since they are married at the time they purchase the house.
