With the potential end of the $8 First Time Home Buyer Tax Credit coming on November 30th, I have been thinking of potential ways to legally stretch the available time that is left to my clients advantage.
I started wondering when the "life" of a home begins according to this program. Is it based on a permit, completion date, certificate of occupancy, or when it is converted from a house to a home via the transfer of the deed?
If a buyer was to obtain a "construction perm" or a "one time closing" loan for a brand new home prior to November 30th, since the property is already deeded into the buyer's name and the interest is being paid by the new "owner"; would they still qualify for the deduction?
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