Homebuyer Credit - Quadplex

[BulldogTom]

I have been looking on IRS.gov and not finding anything.

TP is single. Wants to buy quadplex. Move into 1 apartment and rent the other 3. I don't see anything that disqualifies him from taking first time homebuyer credit. Has not owned main home in prior three years. Will use the one apartment as his principle residence. Income qualifies.

I assume he takes sqare footage and divides to get sales price of personal residence? Takes up to $8,000 in credit (10% of purchase price of principle residence portion)?

Anyone have an cites or a problem with this approach?

Thanks

Tom

Lodi, CA

[Catherine]

I have been looking on IRS.gov and not finding anything.

TP is single. Wants to buy quadplex. Move into 1 apartment and rent the other 3. I don't see anything that disqualifies him from taking first time homebuyer credit. Has not owned main home in prior three years. Will use the one apartment as his principle residence. Income qualifies.

I assume he takes sqare footage and divides to get sales price of personal residence? Takes up to $8,000 in credit (10% of purchase price of principle residence portion)?

Anyone have an cites or a problem with this approach?

Thanks

Tom

Lodi, CA

Tom --

It sounds logical and reasonable -- therefore it's probably not acceptable. But if there's no further guidance available, I'd sure try it. Maybe want to warn the client, in case it's rejected.

Catherine