Tax client had a construction loan all of 2009. He moved in and got his occupancy permit in August 2009. He just closed his mortgage on 1/29/10. Being that he closed in January 2010, does he qualify for the long time home buyer credit? Or is he disqualified due to his occupancy permit being before 11/6/09. TIA.
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Form over Substance
I don't think the date on the permit is what matters.
The relevant text of the Internal Revenue Code says:
The date on the occupancy permit is irrelevant.A residence which is constructed by the taxpayer shall be treated as purchased by the taxpayer on the date the taxpayer first occupies such residence.
The question is: When did he actually occupy the house?
BMKBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process. -
Yes and no
Not totally irrelevant. For a constructed house w/o a HUD-1 or other statement of sale, the CO is one of the items to be sent in with the return.Comment
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There are no Certificates of Occupancy of any type issued here. So w/o C/O or a HUD stmt, utility receipts might work.Originally posted by Lion View PostYou have the right to remain silent. Anything you say will be misquoted, then used against you.Comment
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The taxpayer's move in date was August or possibly prior to August. His mortgage didn't close until January 2010. It was a construction loan all of 2009. Thus, I assume he does not qualify with a move in date/occupancy date of August 2009!?! I just wanted a confirmation on this (I'll send print out this thread) so I can show him. TIA.Comment
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