FTHB credit

[Questionguy101]

Taxpayer bought a house by the end of 2009. He had not moved in the house yet before the end of 2009.

In the due diligence process, they ask the question:

"Did you sell the new home, or did it cease to be your main home before the end of 2009?"

Obviously he did not sell it before the end of 2009. But what is your answer to the second part of the question? Since the property had never been his main home before the end of 2009, it seems to me neither 'yes' nor 'no' is an appropriated answer. If I really have to pick one, I incline to choose 'no'. Does anyone agree or disagree?

[ChEAr$]

Taxpayer bought a house by the end of 2009. He had not moved in the house yet before the end of 2009.

In the due diligence process, they ask the question:

"Did you sell the new home, or did it cease to be your main home before the end of 2009?"

Obviously he did not sell it before the end of 2009. But what is your answer to the second part of the question? Since the property had never been his main home before the end of 2009, it seems to me neither 'yes' nor 'no' is an appropriated answer. If I really have to pick one, I incline to choose 'no'. Does anyone agree or disagree?

No problem or dichotomy here. Since property had never been.... "no" is the correct answer.

[Black Bart]

I also agree that it's "no"

at least in the sense that he did not dispose of it or not intend to move into it and become liable for recapture of the credit, but as to the point of it not yet being his actual residence, I wonder if there is a time limit of any sort before they (IRS) can say it's not your main residence?