There’s no tax place like home — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

There’s no tax place like home

Get PDF file

by on
in Leaders & Managers,Management Training

Q. In your article on the new stimulus law, you say you can get the homebuyer credit for purchases in 2009. Can I claim the credit if I already own a home? A.R., Bangor, Maine

It depends. The new credit (maximum of $8,000) is available only for the purchase of a “principal residence” in the United States as defined for other tax purposes (i.e., the home where you live most of the time if you have not owned a principal residence for the previous three years).  Owning a vacation home would not disqualify you. Note that the credit applies to purchases in 2009 only if made before Dec. 1.

Tip: If you’re building a new home, you are treated as having purchased it on the date when you first occupy it. 

Leave a Comment