Another FTHBC

[dsi]

Does this situation qualify for the FTHBC?

Taxpayer buys the land with a mobile home on it. The mobile home is in unlivable condition. Aftr escrow closes on the purchase, the taxpayer will remove the unlivable MH, and replace it with a new MH.

Does she qualify? I'm thinking that she doesn't.

[dsi]

The reason I don't think she will qualify is because she won't be replacing the old unlivable MH with the new MH until Jan 2010.

Doesn't she have to make it her primary residence before Dec 1, 2009?

[newbie]

You're correct

Unless they extend, it must be the primary residence before 12/01/2009.

[solomon]

.................

S8. A qualifying taxpayer bought a home in August 2008 that needed a lot of work before occupying. They finished the renovations and moved in the home in January 2009. Can they claim the $8,000, since they did not occupy the home until 2009?

A. No. Taxpayers who purchase an existing home and renovate the property before moving in are eligible for the first-time homebuyer credit based on the date of purchase, not the date of occupancy.

[spanel]

Solomon...

This customer is not renovating a house. They are buying land that happens to have a house on it. Demoloshing it, and put a different house on it. The FTHB date would be the date of purchase of the 2nd house or the one they will be living in.

Chris