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Discussion Forum Index --> Advanced Tax Questions --> First Time Homebuyer Credit for remodeled home
Discussion Forum Index --> Tax Questions --> First Time Homebuyer Credit for remodeled home
Lauriefeagins (talk|edits) said:
| 13 May 2009
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| I have a client who purchased a farm two years ago with an old house on it that was not liveable. She now wants to fix up the old farmhouse and make it liveable. Would she quality for the first time homebuyer credit? If I understand correctly she wouldn't quality because she bought the property with the old house on it in 2007. Any input would be greatly appreciated.
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Wonder Woman USA (talk|edits) said:
| 13 May 2009
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| She would have had to buy the home this year (2009) to get the credit. Renovations don't count for this.
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EZTAX (talk|edits) said:
| 14 May 2009
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| Since she did not live in the farm-home then it would not disqualify her from the credit. As Kevin points out, building a new home does qualify. Has she been renting her primary residence for the past three years?
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Taxea (talk|edits) said:
| 15 May 2009
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| is she razing the old home and building a new one or is she improving the existing home? Does that make a difference Kevin?
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Gsjcpa (talk|edits) said:
| 15 May 2009
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| As EZTAX asks and could make everything else moot is Did she own her primary residence during the past 3 years? If so, she doesn't qualify.
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Ashland (talk|edits) said:
| 28 September 2009
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| My client bought his first home and did extensive remodeling before moving in. Can we base the credit amount on the total he spent ($75,000), or only on the initial purchase cost ($35,000)? I can't seem to find this specific example addressed anywhere, but maybe I'm overlooking something.
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Solomon (talk|edits) said:
| 28 September 2009
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| See ยง36 - the purchase date is determinative.
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