Can i claim first time home buyer tax credit with nehemiah?

I thought nehemiah had shut down.





The problem with such charity downpayments is that the builders raised the prices by 3% and then helped the buyer, through the charity, come up with the 3% needed for a downpayment. In the IRS eyes, that means the house value is inflated.





Therefore your adjusted basis in the property is REDUCED by the same amount as was granted from Nehemiah. If the house is $75,000 and the Nemiah amount is $5000, the adjusted basis is $70,000...and the credit is reduced to $7000 (10%, maxes at $7500).

Can i claim first time home buyer tax credit with nehemiah?
Yes, the maximum of $7,500 applies to your loan, if all other qualifications have been met.

fruit gift baskets