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. Sent from Finest Planet WebMail.
_______________________________________________ List sponsored by Home Power magazine List Address: RE-wrenches@lists.re-wrenches.org Options & settings: http://lists.re-wrenches.org/options.cgi/re-wrenches-re-wrenches.org List-Archive: http://lists.re-wrenches.org/pipermail/re-wrenches-re-wrenches.org List rules & etiquette: www.re-wrenches.org/etiquette.htm Check out participant bios: www.members.re-wrenches.org
