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

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I live aboard a 40ft...
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
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3/2/2010
Tax Professional: Stephen G., Sr Income Tax Expert replied 7 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,246
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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
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