First Time Homebuyer - $ from IRA

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Subject Author Date First Time Homebuyer - $ from IRA prucker 01-06-2007  Re: First Time Homebuyer - $ from IRA John H. Fisher 01-07-2007
Posted by prucker on January 6, 2007, 12:02 am Please log in for more thread options Does anyone have the reference for the specific requirements for an expenses to qualify as a "rebuild" expense? I understand the closing costs and to build a home, but can't find info on the definition rebuild expenses. Thank you << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by John H. Fisher on January 7, 2007, 10:51 pm Please log in for more thread options prucker wrote: > Does anyone have the reference for the specific requirements > for an expenses to qualify as a "rebuild" expense? I > understand the closing costs and to build a home, but can't > find info on the definition rebuild expenses. Thank you You'll find the definitions for "repairs" and "improvements" here: http://www.irs.gov/pub/irs-pdf/p530.pdf If you are under age 59, you do not have to pay the 10% additional tax on up to $10,000 of distributions you receive to buy, build, or rebuild a first home. To qualify for treatment as a first-time homebuyer distribution, the distribution must meet all the following requirements. It must be used to pay qualified acquisition costs (defined later) before the close of the 120th day after the day you received it. It must be used to pay qualified acquisition costs for the main home of a first-time homebuyer (defined later) who is any of the following. Yourself. Your spouse. Your or your spouse's child. Your or your spouse's grandchild. Your or your spouse's parent or other ancestor. When added to all your prior qualified first-time homebuyer distributions, if any, total qualifying distributions cannot be more than $10,000. << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Similar Threads Posted First Time Homebuyer January 5, 2010, 1:43 pm First-time homebuyer credit March 6, 2009, 12:11 pm Question on First Time Homebuyer Credit July 27, 2009, 7:03 pm First time homebuyer Credit 2008 -2009 March 6, 2009, 1:18 pm Question regarding first-time homebuyer credit with joint owners February 14, 2009, 1:57 am Main home for homebuyer credit? March 14, 2010, 2:11 pm eFile and later amend for $8000 homebuyer credit? March 13, 2010, 9:14 am homebuyer credit - single to married buyer/seller January 20, 2010, 7:36 pm Doing it again, but right this time... March 16, 2007, 1:12 pm llc first time tax questions February 15, 2008, 4:21 pm