Jun
04
Does the Obama home buying tax credit apply to people who own a rent house, but rent the house where they live?
By
I know it says you cannot have owned a home in three years, does this apply to a rent house, which is considered to be a business, not a home?
I can put the rent house under a corporation, and it would not be under my name.
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2 Comments
June 6th, 2010 at 4:10 pm
NO. It apply to first home buyer. People who own a rental house already own a house under their name.
June 9th, 2010 at 4:15 pm
It refers to *where* you are living.
I can own a “2nd home” or rental property and still qualify if I can show I was renting my main home for the past 36 months.
Think about it. Your rental house will show up on schedule E of the 1040 for the past 3 years because of course you reported the rental income….