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02141 : Real Estate Advice

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  • Home Buying4
  • Home Selling0
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Activity 7
Sat Jul 4, 2015
Nitin asked:
I am Nitin Rathee from inida, would be moving to boston on 1st Sep.
0 votes 0 Answers Share Flag
Fri Dec 26, 2014
Sandi Bauman answered:
Did you have the property inspected by a professional prior to closing?
0 votes 1 answer Share Flag
Tue Feb 23, 2010
Don Tepper answered:
Check with an accountant. I'm not an accountant, so this isn't accounting advice. However . . .

You actually have several different issues involved here. Let's take them one at a time.

First, can your fiancee qualify? She bought the home May 7, 2005, and lived there until October 2008. She then moved in with you. OK. The IRS says:
For homes purchased after November 6, 2009, long-time residents can also get the credit under a special rule for a qualifying replacement home. To qualify, you must have owned and used the same home as your principal residence for at least five consecutive years of the eight-year period ending on the date you buy your new principal residence.
She would have have had to have owned and used the same home as her principal residence for at least five consecutive years. Unfortunately, she only used it as her principal residence for 3 years. Therefore, she wouldn't qualify under the replacement home tax credit. (State and federal authorities will look to things like vehicle registration to determine a person's principal residence.)

Would she qualify as a first-time homebuyer? The IRS says:
For homes purchased after April 28, 2008, and before November 7, 2009, taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase.
Again, unfortunately no. She owned a principal residence (that is, she owned the property and used it as her principal residence) up until October 2008. After that point, it wasn't her principal residence. Still, that's well short of the 3 year restriction imposed by the IRS.

Again, I'm not an accountant or a lawyer, so this isn't accounting or legal advice. You really should talk to one of those. However, I don't see how your fiancee could qualify under either area of the tax credit provisions.

Hope that helps.
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1 vote 1 answer Share Flag
Wed Jul 15, 2009
Emily Erekuff answered:
Hi 14lilac,

As I noted in the answer I provided to your previous question, I removed the incorrect listing information from our display for this property yesterday. However it seems that this has caused the correct information to be removed as well. I've ensured that the correct information will be added back to our site, however I'm afraid this won't happen immediately. Currently, updates like this take approximately 24 hours to populate to our site, thus I encourage you to check your listing again within 24 hours and let us know if there are still any problems with the information we display.

Thank you for your patience in the meantime.

Best Wishes,

Emily Gibson
Community Moderator
... more
0 votes 1 answer Share Flag
Wed Jul 23, 2008
Mike Hughes Team answered:
It's there ... don't you have access to the MLS? It looks like you are a broker.
0 votes 2 answers Share Flag
Thu Feb 7, 2008
Mark Tavenner answered:
Easy ansewers There should be a record @ the town hal of the permits used with the renovation. If you make a offer stateing it must include all the documents you asked for
0 votes 35 answers Share Flag
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