FTHB again - related party

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  • Larmil
    Senior Member
    • Dec 2006
    • 621
    #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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    • ChEAr$
      Senior Member
      • Dec 2005
      • 3872
      #2
      Originally posted by Larmil
      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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