While I was watching this video I read the following question.
http://www.youtube.com/watch?v=qeDp_w3oiqg
"Would a commercial property qualify? It would be my first home as it has two 2 bed/ 1 bath apartments on top and a business on the bottom. I plan on staying there and running my business, while renting the other side out. Would I have to wait 3 years before I can rent the other unit? This question isn't listed on any sites and I dying to know! Its technically not an investment property b/c it will be a primary residence. Would it be considered multifamily?"
This question is a great one, and I ask my CPA Tim Rhoades here in KC MO.
I hope this will be helpful to you, also do not forget to ask your local CPA as well.
Here is his answer:
"The property would qualify for a credit, may not be the full $8,000. The cost of the property would have to be divided between business and personal use, if the second apartment is rented, it would not qualify. The credit would be 10% of the cost of the "residence" part of the property up to $8,000".
Realtor Timo
www.AskTimo.com
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