Homebuyer Tax Credit

[OldJack]

The closing is normally when the deed is signed over. At least in this area, the deed reads " ... all that parcel of land ... ". It conveys the land, and any real property that happens to be on it at the time. If the prefab house was not yet erected on the land, it would seem that the rules for the construction of a house would be applicable.

Although the closing (deed) for the purchase of the land is a factor, I was referring to the legal transfer of ownership of the pre-fab building that becomes the residence. Having previously owned land that will be used does not necessarily start the date of "purchase" for a residence under construction, in my opinion. In fact, if the land purchase was before the law that also would not qualify for the credit. Purchase/closing on the land date would not itself mean anything to do about construction unless there was some contract to construct (assuming taxpayer does not use the hammer himself as in this case).

I still believe the date of purchase of the residence was when the owner closed on the financing for the building to be delivered at a later date. As I understand this financing/closing date was prior to the date of the law that would allow the tax credit.