1st time Home buyer Tax credit for primary residence that is also a rental?

[nrose]

What is the name of your state (only U.S. law)? Kansas

I purchased a home in November 2008 - it's a single family divided up into 4 units, one of which is my primary residence. My tax preparer was unsure if I would qualify for the 1st time Home buyer Tax credit being that a portion of the home is rented out - but the language of the tax form says nothing about a "mixed" residence. A call to the IRS gave us no answers - the person we reached is bringing the question to his superior.

The purchase price of the home was 114,000 - shouldn't we be entitled to at least a percentage of the $7,500 credit?

 

[LdiJ]

What is the name of your state (only U.S. law)? Kansas

I purchased a home in November 2008 - it's a single family divided up into 4 units, one of which is my primary residence. My tax preparer was unsure if I would qualify for the 1st time Home buyer Tax credit being that a portion of the home is rented out - but the language of the tax form says nothing about a "mixed" residence. A call to the IRS gave us no answers - the person we reached is bringing the question to his superior.

The purchase price of the home was 114,000 - shouldn't we be entitled to at least a percentage of the $7,500 credit?

That is an interesting question that definitely requires research. None of us really have any time to do research for free, this time of year. Your tax professional should be doing that research for you. They have access to services that can help them with that research (or should).

 

[cb105]

first time home buyer

According to FederalHousingTax Credit .com,a rental is acceptable as long as it is your main residence.,a simple rental home is not.