Nov
08
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.
Rent Back
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2 Comments
November 11th, 2009 at 1:36 pm
NO. It apply to first home buyer. People who own a rental house already own a house under their name.
November 13th, 2009 at 6:12 am
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….