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+--- Thread: Instead of a Certificate of Occupancy? (/showthread.php?tid=6843)
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Instead of a Certificate of Occupancy? - StillHope - 02-05-2010
The building dep. confirmed that in Hawaii residential buildings owners don't get a Certificate of Occupancy -just a building inspection instead.
But according to my tax specialist the building inspection wouldn't be accepted for applying for the first home buyers credit.
I was told that another document from escrow might be presented instead.
I can not find that either so far.
Has anyone already apply for this federal credit?
If so,how did you get around this issue?
RE: Instead of a Certificate of Occupancy? - Bob Orts - 02-05-2010
I thought you only needed the HUD H-1 (?) settlement form?
RE: Instead of a Certificate of Occupancy? - StillHope - 02-05-2010
Thank you,Bob! "My tax specialist asked for "Executed settlement statement",assuming it's the same?
RE: Instead of a Certificate of Occupancy? - John S. Rabi - 02-05-2010
All you need is the "Final Closing Statement" from escrow.
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
808.327.3185
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Instead of a Certificate of Occupancy? - StillHope - 02-05-2010
Thank you,John.That's what I initially sent.For some reason the tax person said that it's not enough.I guess I have to check with her again.
Since all so far is done by scan-email may be there's some technical problem.
RE: Instead of a Certificate of Occupancy? - dcl - 02-05-2010
Right from The IRS website, the IRS instructions for Form 5405 (First Time Home Buyer Credit form)
Attach a copy of your settlement statement showing all
parties’ names and signatures, the property address, the
contract sales price, and the date of purchase. In most cases,
your settlement statement is your properly executed Form
HUD-1, Settlement Statement.
RE: Instead of a Certificate of Occupancy? - Ryan. - 02-05-2010
Question. Does anyone know if you can successfully apply for this credit if what you've purchased is a vacant lot OR a lot with an unpermitted home on it?
RE: Instead of a Certificate of Occupancy? - Devany - 02-05-2010
Ryan, it only counts for a legal home. But you don't really have to be a first time home owner, you just have to be buying one for the first time in 8 (i think) years.
Aloha au i Hawai`i,
devany
www.myhawaiianhome.blogspot.com
www.eastbaypotters.blogspot.com
RE: Instead of a Certificate of Occupancy? - John S. Rabi - 02-05-2010
quote:Vacant lot does not qualify unless you build a house on it and get it finaled before the deadline. Un-permitted structures do not qualify either. BTW, you can also attach the tax record showing the date of your purchase and purchase price to the Final Settlement Statement. You get the $8,000 tax credit if its your first home you buy. You qualify for the $6,500 tax credit if you already owned a home for at least two years.
Originally posted by Ryan.
Question. Does anyone know if you can successfully apply for this credit if what you've purchased is a vacant lot OR a lot with an unpermitted home on it?
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
808.327.3185
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Instead of a Certificate of Occupancy? - oink - 02-06-2010
Let's get the facts straight between the $8000 first time home buyer credit and the $6500 home buyer credit. The $8000 credit is available to first time home buyers or persons who have not owned a principal residence for three years prior to purchase. The $6500 credit is available to buyers who have been homeowners who must have used the home sold or being sold as a principal residence consecutively for five of the previous eight years. Please see the attached url for the correct information. It is very long. You may have to copy and paste into your address bar. http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf
Pua`a
S. FL
Big Islander to be.