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Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
Satisfied Customers: 252
Experience:  27 years of preparing income tax returns - both personal and small business
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I am in a situation where I purchased a timeshare in the state

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I am in a situation where I purchased a timeshare in the state of California three years ago and in March of this year, 2010, I purchased my first home in the state of California with a bank approved FHA loan.

I did my 2009 federal taxes and claimed for the $8000 government credit for first time home buyer. The IRS is now denying me the claim because they think that the timeshare is a primary residential property. I am not residing in the timeshare property. It is a vacationing spot. My home that I purchased is where I primarily reside. I need to know if the timeshare is considered a residential property or explain why the IRS would consider the timeshare a property?
Submitted: 3 years ago.
Category: Tax
Expert:  Gerri A Harrison CFP EA replied 3 years ago.

The IRS may be looking at the fact that you had a mortgage interest deduction on your previous years' tax returns for the interest paid on the timeshare loan- is that possible?

 

If that is the case, you need to contact them, indicate it is a timeshare, probably provide them with documentation showing that it is a timeshare and you only own a week or some points and they will then allow the credit.

 

A timeshare would be considered a property but it is not your primary residence and does not exclude you from the credit.

 

I would also recommend that you provide some documentation of your previous residence. If possible a lease agreement showing that you were renting an apartment or house would be a good source for the IRS to look.

 

The key with IRS is providing them proof that what they are saying is not accurate and they will re-evaluate.

 

Hope this helps and good luck!

Customer: replied 3 years ago.

I have already sent them the documentation that was required to explain what the time share is about. I had the tax preparer send a letter as well and filled out forms. I did file interest on the timeshare, but I had too. How can I get the IRS to understand that the timeshare is not a primary residence?

 

Last week the IRS said that they couldn't accept my claim and advised me to either contest. I really have to go to court for this? I'm sure I am not the only one who has timeshare property and has recently purchased a first home. How can the IRS not be clear on its explanation of what or why they are considering a timeshare a primary residence?

Expert:  Gerri A Harrison CFP EA replied 3 years ago.

No, you can request to go to the appeals division rather than the courts. Prior to that - I would suggest that you contact the Taxpayer Advocacy department and get them involved. Their goal is quick resolution of a problem that has been outstanding for more than six months.

 

You can find the Taxpayer Advocacy in your area by looking at irs.gov.

Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
Satisfied Customers: 252
Experience: 27 years of preparing income tax returns - both personal and small business
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