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Old 02-09-2010, 09:44 PM
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Purchasing from a Parent

Just need a place to vent

I purchased a home from my parents in 2009. The mortgage company, title company, and the Realtor all assured me that I qualified for the credit. Today I found out that I don't qualify. I never thought I should talk to a tax professional before the purchase.

The home was owned by my parents as a second residence. I purchased it from them for asking price and not a penny less not a penny more. If someone would have offered $1 more my parents would have taken that deal. It was a 100% business deal, just as if i had purchased it from the Joneses or the Smiths.

Maybe asking an accountant is not the appropriate person to ask, but I want to know: Why am I excluded? Why would a legitimate sale be denied? What's the business case for this? Why is purchasing from a Sibling allowed and this is not?

Frustrated and trying to hold back the expletives.



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