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My wife and I would like to take advantage of this tax credit before it expires on 4/30/10. We have a couple of questions that we need answers to in deciding if we can or should do this. We are currently tenants and this would be our first home. We are looking to buy a home out of state. We may buy our home with cash. We are considering buying a home in state Y while still living in state Z. We plan on moving into the home on a full time basis as soon as one or both of us secures employment in state Y. This shouldnt be much of a problem, especially for my wife with the field she is in. To qualify for this tax credit, the purchased home must be a primary residence. The question is would this home be considered as such if we dont occupy it immediately, but rather move in at a later date. This could be weeks or months possibly. I dont know if it matters if we buy the home with cash and have no mortgage since this is more of a tax issue in regards to the $8000 credit. What options are available to us? Any advice, insight into how to handle this would be greatly appreciated. Thanks!
The rules seem to be a bit vague for your situation. However, most of the discussion on the IRS website indicate you must occupy the new home by the June 30, 2010 deadline (must have contract by April 2010).
The rules seem to be a bit vague for your situation. However, most of the discussion on the IRS website indicate you must occupy the new home by the June 30, 2010 deadline (must have contract by April 2010).
I don't see anywhere where it says occupy - only close by June 30th.
Am I not seeing it somewhere?
Yeah, I was looking at the case for home construction which requires occupation by June 30th. Not sure if that is a deadline in other situations. I would think the IRS would not allow an indefinite time to claim it as a primary residence. Again, best to check with the IRS.
Yeah, I was looking at the case for home construction which requires occupation by June 30th. Not sure if that is a deadline in other situations. I would think the IRS would not allow an indefinite time to claim it as a primary residence. Again, best to check with the IRS.
I agree - and am not looking for a way to skirt around the IRS .... just looking for details in case I find myself with a rent back situation when the end of June rolls around.
I agree - and am not looking for a way to skirt around the IRS .... just looking for details in case I find myself with a rent back situation when the end of June rolls around.
Good point. I'd like to know as well.
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