Home Buying in Willis>Question Details

Suria, Other/Just Looking in Willis, TX

I am a first time buyer. Is there tax credit for buying residential lot?

Asked by Suria, Willis, TX Fri Jan 15, 2010

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No, it must be a primary residence. In other words you must occupy the home after closing. If you are saying that you are going to be buying vacant land then you would not be able to occupy. You might want to check with an accountant for a legal loop hole though. There may be something for construction loans if your intent is to occupy it. You didn't mention whether your will be building on it or not. Construction loans, especially for newbies would be hard to qualify for right now.
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0 votes Thank Flag Link Fri Jan 15, 2010
I am not really sure to be honest with you, but here are the links to the IRS website that should help you.

First Time Homebuyer Credit general information on IRS.gov

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

First Time Homebuyer Credit Questions and Answers on IRS.gov (This page includes Q&A broken out by basic questions, 2008 purchases, 2009 purchases and scenarios.) http://www.irs.gov/newsroom/article/0,,id=187935,00.html
0 votes Thank Flag Link Fri Jan 15, 2010
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