[RE-wrenches] federal tax credit

toddcory at finestplanet.com toddcory at finestplanet.com
Thu Nov 10 21:58:02 PST 2011


Wrenches,
 
I got the following information from a customer who ran the federal tax credit by her accountant. As a double check... is this correct?
 
Thanks,
 
Todd
 
 

My accountant wrote: 



The  taxpayer claiming the credit must be the owner of the home.  The value  of these credits adjust basis for sale of home calculations.  The  residency test for this credit is the same as what is used in  determining ownership and exclusion of gain on the sale of a primary  residence.
 The  credit cannot be claimed on a commercial property, rental property or  by a tenant, and the taxpayer claiming the credit must be the owner of  the home which is being used as their primary residence.



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