Catherine Posted June 19, 2009 Report Share Posted June 19, 2009 Clients of several years. Citizens of Canada who moved here some years ago. They bought a condo in Canada in which they lived while they were there. Turned it into rental property when they moved here in 2004. Sold the condo last year and paid capital gain as appropriate. Assuming they meet the income requirements, are they eligible for first-time homebuyer credit? They have not purchased a home in the US ever, nor have they purchased a home in which they lived, anywhere, in that same time frame. The change of the condo from residence to rental property was 4 - 5 years ago. I have my opinion, but would like to hear others. Thanks. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted June 19, 2009 Report Share Posted June 19, 2009 They haven't owned a principal residence anyplace in the world in the last three years, per your scenario. If they qualify for all other issues re FTHB credit, why would rental property enter into the equation? Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted June 19, 2009 Report Share Posted June 19, 2009 They are eligible. They would even be eligible if they owned a principal residence in Canada during the three year period: http://www.irs.gov/newsroom/article/0,,id=206291,00.html taxbilly Quote Link to comment Share on other sites More sharing options...
Catherine Posted June 19, 2009 Author Report Share Posted June 19, 2009 They are eligible. They would even be eligible if they owned a principal residence in Canada during the three year period: http://www.irs.gov/newsroom/article/0,,id=206291,00.html taxbilly That's what I figured, but before I said "yes" definitely, thought it would be good to check. Thanks! They've added quite a bit to that info page since the last time I looked at it in early May (for someone else). Quote Link to comment Share on other sites More sharing options...
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