Re: Will Owning a Home in Italy Affect the First Time Home Buyers $8000 Credit
Oh good grief, this is getting so ridiculous. I have no idea where this person spends their time. If you posted a link to the IRS I missed it. Sorry 'bout that. I like to provide such links so I'm not just some anonymous person on some anonymous board claiming that I know everything. An authoritative source lets a person see for themselves what the rules are. That is better than asking people who don't know me to take the word of someone they can't check out.
I hope the purpose here is to help people and help point them to information, not just inflate our own egos trying to convince everyone how much we know. As bent out of shape as people get, I do have to wonder. As for me, I'll always provide an authoritative source for any advice on answers I give so it isn't just me saying so. I've represented a large number of people before the IRS on every topic imaginable, but there's no way anyone here would have any way to verify that so nothing substitutes for authoritative sources if someone is going to actually make a decision based on the things said here.
I certainly don't want the responsibility of steering someone wrong, and then excusing it with a flippant "well, advice is worth what you pay for it". If I can't help someone, I'd rather remain silent.
Re: Will Owning a Home in Italy Affect the First Time Home Buyers $8000 Credit
Quote:
Quoting
Bubba Jimmy
Oh good grief, this is getting so ridiculous. I have no idea where this person spends their time. If you posted a link to the IRS I missed it. Sorry 'bout that. I like to provide such links so I'm not just some anonymous person on some anonymous board claiming that I know everything. An authoritative source lets a person see for themselves what the rules are. That is better than asking people who don't know me to take the word of someone they can't check out.
I hope the purpose here is to help people and help point them to information, not just inflate our own egos trying to convince everyone how much we know. As bent out of shape as people get, I do have to wonder. As for me, I'll always provide an authoritative source for any advice on answers I give so it isn't just me saying so. I've represented a large number of people before the IRS on every topic imaginable, but there's no way anyone here would have any way to verify that so nothing substitutes for authoritative sources if someone is going to actually make a decision based on the things said here.
I certainly don't want the responsibility of steering someone wrong, and then excusing it with a flippant "well, advice is worth what you pay for it". If I can't help someone, I'd rather remain silent.
Bubba,
I think its fairly clear from the posts that the OP has been primarily living in Italy in the last three years, in which case the home they live in in Italy would be their primary residence.
Its also seem fairly clear that they now want to purchase a home in the US and classify the Italy home as a vacation home.
If the situation is different from that then they will come back and say so.
Re: Will Owning a Home in Italy Affect the First Time Home Buyers $8000 Credit
Thanks for your thoughts - gosh, you all aren't competitive, are you?! Anyway, at this point it seems that the deciding factor would be where do we spend the majority of our time. For all the other criteria:
"Factors used to determine main home. In addition to the amount of time you live in each home, other factors are relevant in determining which home is your main home. Those factors include the following.
Your place of employment.
The location of your family members' main home.
Your mailing address for bills and correspondence.
The address listed on your:Federal and state tax returns,
Driver's license,
Car registration, and
Voter registration card.
The location of the banks you use.
The location of recreational clubs and religious organizations of which you are a member. "
I can verify that my US address is used for everything listed above except for the last one, but that's only becuase we don't belong to any clubs or organization. And yes, we do live with a relative in the states - our clothes are there, our 'stuff' is there, I cook there, do laundry there, etc., but it's still our home in the states even th we don't own the property.
I'd still like to see the form that will be used to determine eligibility for this credit.
Re: Will Owning a Home in Italy Affect the First Time Home Buyers $8000 Credit
There is no form. You make the correct determination based on the IRS publications and the law, and then file your tax return accordingly. If the IRS audits your return you could be expected to show records verifying the amount of time you spend at your home in the U.S. and how much time you spend at your other home. Passport stamps, travel documents, etc. If you have been deducting anything relating to the property in Italy such as mortgage interest then you might reasonably expect to have a claim as a first time home buyer examined.
And my only goal is to help you get the information you need to make the correct determination, which is what you came here for, not to make assumptions on your behalf. If that is perceived as "competitive", sorry. I see a lot of blatently wrong information given to people. If I don't believe I can be of help, I remain silent. I hope I've been helpful.
Re: Will Owning a Home in Italy Affect the First Time Home Buyers $8000 Credit
There is another issue that you needs to be addressed as well, and I should have thought of it sooner.
Do you have earned income in Italy? Have you been filing a form 2555 and taking a foreign earned income exclusion? If so, that would be a declaration that Italy is your "home".
Re: Will Owning a Home in Italy Affect the First Time Home Buyers $8000 Credit
Nope, no income in Italy, we're retired. Thanks to everyone for their input. I guess if we do buy a house in the states before Dec 1st I'll have to check my passport and records to make sure that I've spent over half my time in the states.