1st time homebuyer

[RLymanC]

may mean what it say's. The taxpayer qualifies as a first time home buyer (owner)

Question: Taxpayer constructs a home, it is started and completed during the qualifying period.

Does the home qualify for the $7,000.00 credit, or does it have to be an existing home purchased during the qualiying period.

[Gene V]

may mean what it say's. The taxpayer qualifies as a first time home buyer (owner)

Question: Taxpayer constructs a home, it is started and completed during the qualifying period.

Does the home qualify for the $7,000.00 credit, or does it have to be an existing home purchased during the qualiying period.

From the TTB update

Purchase date. The date of purchase is the date title closes. If the taxpayer constructs the residence, the date of purchase is the date the taxpayer first occupies the residence