The only information I seem to come across for a home that you construct is that the purchase date is the first date you occupy the home.
If someone started construction before 4/8/08 so the down-payment on the home was before that date, but the majority of the cost was after that date do you need to allocate the purchase price?
For example on March 1, 2008 down payment was $30,000 and the remaining cost of home, $60,000 was paid in July of 2008. Taxpayer moved into home in August 2008. Is the purchase price for the first-time home-buyer credit $90,000 or $60,000?
If someone started construction before 4/8/08 so the down-payment on the home was before that date, but the majority of the cost was after that date do you need to allocate the purchase price?
For example on March 1, 2008 down payment was $30,000 and the remaining cost of home, $60,000 was paid in July of 2008. Taxpayer moved into home in August 2008. Is the purchase price for the first-time home-buyer credit $90,000 or $60,000?
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