Hi aalovely,
You are not eligible for the first time buyer tax credit. You are not purchasing the property, you're simply getting it transferred to you through a quitclaim deed. This is why you do not qualify as a first time buyer and hence, cannot claim the tax credit. To qualify, you need to buy a property and you must not have any other prinipal residence within the past 3 years.
You are not eligible for the first time buyer tax credit. You are not purchasing the property, you're simply getting it transferred to you through a quitclaim deed. This is why you do not qualify as a first time buyer and hence, cannot claim the tax credit. To qualify, you need to buy a property and you must not have any other prinipal residence within the past 3 years.