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FTHB again - related party

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    #1

    FTHB again - related party

    Client buys a home from a partnership in which his mother is 1/3 owner. The mother's other two partners are the mother's sisters. As far as I can tell the mother owns 100% of the PS either directly or indirectly thus preventing the client from getting the FTHB credit. Please tell me I am wrong.
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    #2
    Originally posted by Larmil View Post
    Client buys a home from a partnership in which his mother is 1/3 owner. The mother's other two partners are the mother's sisters. As far as I can tell the mother owns 100% of the PS either directly or indirectly thus preventing the client from getting the FTHB credit. Please tell me I am wrong.
    Not for me to tell you you're wrong. You've hit the nail on the head.
    Related party rules.
    ChEAr$,
    Harlan Lunsford, EA n LA

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