How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephen G. Your Own Question
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7119
Experience:  Extensive Experience with Tax, Financial & Estate Issues
30050794
Type Your Tax Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

I live aboard a 40ft 1979 Trojan motor yacht , rear aft cabin,

Customer Question

I live aboard a 40ft 1979 Trojan motor yacht , rear aft cabin, 2 bedrooms, 2 bathrooms, kitchen, is this considered a primary residence , I purchased her August of 2008, do I qualify for the 8,000 tax credit
Submitted: 7 years ago.
Category: Tax
Expert:  Stephen G. replied 7 years ago.

 

Before we go any further in terms of qualifications, the "$8,000 (max) & $6,500 (max)credits only apply to purchases after January 1, 2009.

 

The boat would qualify as a primary residence but the time period as indicated above doesn't fit with your acquisition.

 

You can read more about these credits at www.federalhousingtaxcredit.com/

 

 

Also, see the following information related to your 2008 return (which may be amended using Form 1040X) to see if you might qualify for the prior first time homebuyers credit (limited to $7,500) which in effect an interest free loan which must be paid back over 15 years at the rate of $500. each year, paid with your annual income tax return on Form 1040.

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

 

If you are satisfied with my answer please "ACCEPT" & thanks for using our service.



Edited by Stephen E. Grizey, CPA on 3/2/2010 at 5:45 AM EST

Related Tax Questions