My clients home was destroyed by fire in June of 08. They had resided at this address for over 10 years. In Feb of 09 they took out a construction loan and moved into their new home in Oct 09. My question is do they qualify for the long time home owners credit? Does the credit apply only with new address? During this time their mailing address never changed since they stayed with parents who lived just across the road.
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Good
comments that apply to you in the dor1500 LongTimeResident Credit thread -
If the home qualifies and you can document the destruction and then the construction the address should not matter.
Did they have insurance? If so I don't think that you will able to take the amount paid/reimbursed by the insurance company for the credit, but that is just off the top of my head.
Other thoughts?Comment
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No Credit
How will they answer the question, What is the purchase date??Comment
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Even using the move in date of October, 2009, they still do not meet the requirement of purchasing after 11/06/2009 for a long time home buyer credit.
LTOnly in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".Comment
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