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First Time Home Buyers Credit

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    First Time Home Buyers Credit

    In Hawaii A Great Deal Of Property Is Leasehold. Lease Rental Payments Are Made Until The Lease Expires. At This Time The Property Is Surrended To The Fee Owner. From Time To Time The Property Owner Offers The Fee For Sale. If The Leasehold Owner Lived In The Property For 8 Years Prior To The Fee Purchase,would The Purchase Be Considered A Frist Time Buyer And Be Entitled To The $6,500 Credit?

    #2
    Originally posted by SCHNITTGER View Post
    In Hawaii A Great Deal Of Property Is Leasehold. Lease Rental Payments Are Made Until The Lease Expires. At This Time The Property Is Surrended To The Fee Owner. From Time To Time The Property Owner Offers The Fee For Sale. If The Leasehold Owner Lived In The Property For 8 Years Prior To The Fee Purchase,would The Purchase Be Considered A Frist Time Buyer And Be Entitled To The $6,500 Credit?
    The simplest way to answer your question is to ask another:
    Does title pass to the one leasing the property?
    ChEAr$,
    Harlan Lunsford, EA n LA

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