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I bought a second hme in 2009. Are there rebates available

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I bought a second hme...
I bought a second hme in 2009. Are there rebates available from the feds even though I am not a first time buyer?
Submitted: 7 years ago.Category: Tax
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Answered in 2 minutes by:
1/2/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello nancy,

 

Is this second home that you purchased going to be used as your primary home or is this a vacation type property or a rental property?

 

Have you owned another main home in the past? If so, what were the dates of ownership and the dates you lived in that primary home?

 

 

 

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Customer reply replied 7 years ago

 

The second home is a summer home in Arizona. The only home I have owned until this second purchase is the one here in Oregon. My husband and I built/bought it in 1977. We have lived in it always.

Tax Professional: Merlo, Accountant replied 7 years ago

Hello again nancy,

 

Thank you for the additional information.

 

The IRS is currently offering two separate credits for people who purchase a new home. One is the first time homebuyers credit, and the other is a credit for repeat home buyers who have owned and lived in another primary residence for 5 of the last 8 years.

 

However, with both credits, the home which you are purchasing must be a home that you plan to use as your primary residence. The purchase of a summer home or rental property or any other type of property which you do not plan to actually use as your primary residence does not qualify for either of the credits being offered.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you nancy

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Customer reply replied 7 years ago
I have another question. I sold a Wyndam Trend West time share (7000pts) at a loss this year. I also had nearly 20,000 pts that went with the 7000. How can I get a tax write for this? I would like to benefit from both the 7000 pt sale and the additional pts.
Tax Professional: Merlo, Accountant replied 7 years ago

Was this time share a property that you used personally or did you rent it out to other parties?

 

 

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Customer reply replied 7 years ago

 

we used the time share personally

Tax Professional: Merlo, Accountant replied 7 years ago

Hello again nancy,

 

Losses on the sale of personal property are never deductible. Losses can only be deducted if you sell an income producing property (such as a rental unit) at a loss.

 

Sorry I haven't been able to give you much good news yet today.

 

If this was helpful please press the Accept button.

 

Thank you nancy

 

 

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Merlo
Merlo
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Category: Tax
Satisfied Customers: 9,783
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