First Time Home Buyer

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • Kurly
    Senior Member
    • Jul 2005
    • 247
    #1

    First Time Home Buyer

    TP received FTHB of $7500 on 19 June 2009. Home became Rental Unit 1 July 2012. Did the home stop being TPs main home after the 36 month period?

    Does June 2009 count as a full month? or does time start the 1st of the following month?

    Thanks

    Kurly
    Tags: None
    • TaxGuyBill
      Senior Member
      • Oct 2013
      • 2321
      #2
      It is 36 months "beginning on the date of the purchase". So the 36 months would end on June 18th, 2012.

      It sound like no recapture of the credit is necessary.

      http://www.law.cornell.edu/uscode/text/26/36#f_4_D

        Comment

        Previous template Next

        Disclaimer

        Collapse

        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

        Working...