When It Comes To Home Buyer Tax Credits, IRS Rules Can Be Strict!

Question: I purchased a home about a year ago, but I used a land contract. The contract started three years ago. By the time the loan was closed on the land contract, the contract was no longer valid. I paid real estate taxes and mortgage interest because it was included with our rental payments.

I have received a letter from the IRS saying we do not qualify for the first-time home buyer tax credit. I have looked through all of the instructions and eligibility requirements and have found no mention of land contracts. This is our first time buying a home, and I feel like I am being punished.

Click to read article: When it comes to home buyer tax credits, IRS rules can be strict...