Principal Residence
I'm sure this has been talked about many of times already. It's about the first time home buyers $8000 tax credit.
I just closed on my house last month & really want that $8000 but I bought a small condo back in 2003 & I'm still paying on it. I have never lived in it. I use it as rental property only.
This was taken from the U.S. Master Tax Guide.
"Eligibility. A first-time homebuyer is an individual (and, if married, their spouse) who had no present ownership interest in a principal residence in the prior three-year period ending on the date of the home purchase."
I found this with a quick google search.
principle residence is the same thing as primary residence per: http://www.businessdictionary.com/de...residence.html
So since my primary residence has been a small apartment & not the condo will I qualify for the $8000???