Lynn EA USTCP in Louisiana Posted March 18, 2010 Report Share Posted March 18, 2010 This question was posed to me by a client who lost their home in Katrina. The home was completely demolished, and the lot sat empty from 9/2005 through August or Sept 2009 when a new home was completed and the taxpayers moved into their new home. During the years in between Hurr. Katrina and the time they moved into their new home in Sept/Oct 2009 they have lived with the wife's parents. The IRS defines a new home buyer as someone who has not owned and lived in a personal residence for 3 out of the last 5 years. My client asked if, under their particular circumstances, they would qualify as a new home buyer. Will a newly constructed home built on their pre/post Katrina lot qualify? Anyone out there have an answer to this? I researched the IRS Q & A page for FTHBC but did not find any topic exactly on point. Thanks so much, Lynn Jacobs, EA, NP Kenner, LA Quote Link to comment Share on other sites More sharing options...
Kea Posted March 18, 2010 Report Share Posted March 18, 2010 Yes, they can take it. It is in the Q & A, but there are several pages & it can take awhile to find the right one. See the last question on this link: My link Quote Link to comment Share on other sites More sharing options...
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