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Construction loans and First-Time Homebuyer Tax Credit 2009?
No comments · Posted by admin in construction loans
The policy states you have to close on your new home by Dec 1, 2009 to be eligible for the $8000 tax credit. I am a first-time homebuyer, and am building my new home on a lot of land, which I hope will be complete by that time. However, the loan is a "construction loan" which "closes" before construction begins. Do I have to move in and get a certificate of occupancy (C.O.) before I am considered "closed" on my new home and eligible for the tax credit? I am in Florida.
"To qualify for the first time home buyer credit, the residence must be purchased. By statute, a residence which is constructed by the taxpayer is treated as purchased on the date the taxpayer first occupies the residence"
http://www.irs.gov/newsroom/article/0,,id=206293,00.html
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