Sale of Personal Residence-Own & Use ?

[Camiel DeKeizer]

Bought home in 1997, in 2004 notified by state that was condemned to construct new overpass, look for new home, new house purchased in late 2004. State project delayed and delayed, finally paid off in 2009 when project now started. Between 2004 when new home purchased and 2009 project start a relative lived in the home rent free just to protect the property. Does this taxpayer meet the ownership and usage tests? Thanks. Camiel DeKeizer

[Dusty2004]

No

Bought home in 1997, in 2004 notified by state that was condemned to construct new overpass, look for new home, new house purchased in late 2004. State project delayed and delayed, finally paid off in 2009 when project now started. Between 2004 when new home purchased and 2009 project start a relative lived in the home rent free just to protect the property. Does this taxpayer meet the ownership and usage tests? Thanks. Camiel DeKeizer

From what you wrote the actual purchase date, as I read it, was 2004. There was no home buyers credit in 2004.

Dusty

[taxmom34]

i would think the sale was the sale of a second residence or vacation home . was the closing in 2004 or 2009? just the payoff in 2009?