Prev: Best wood floors in dry climate?
Next: PAYPAL BUYERS EXTREME MAILER IS HERE..DIRECT COMMISSIONS!
From: LDC on 16 Feb 2010 21:45
On Tue, 16 Feb 2010 20:34:50 -0500, Shawn Hirn <srhi(a)comcast.net>
wrote:

>Greetings everyone;
>
>I currently living in a smallish one bedroom apartment. I have been
>house hunting in the Philadelphia area for a condo for the past two
>months, but it is slim pickings in Center City, which is where I ideally
>want to live. My dad suggested I consider a co-op in a nearby suburb, so
>I drove by there last Sunday and I got the phone number of the property
>manager.
>
>They have two two-bedroom units available in my price range. I am single
>and I don't have any kids, so a modest 2-bedroom property with around
>1,000 square feet of space would be fine for me. I actually checked this
>co-op out 15 years ago before I moved into the apartment where I
>currently live, but there was nothing available there at that time.
>
>This particular co-op is in a wonderful suburban Philadelphia area. It
>is walking distance to a train station that would take me within three
>blocks of where I work. There is also a lot of shopping options in the
>area, including my favorite food store, Trader Joe's and its a low crime
>area, plus it puts me a lot closer to my parents, which makes visiting
>them easier.
>
>One reason I am interesting in home ownership now is the $8,000 federal
>first-time home buyer's tax credit. From what the property manager told
>me today, I would be able to take advantage of it if I moved there. Can
>anyone confirm that? I am wondering if anyone on this forum has any
>thoughts about buying into a co-op as apposed to a condominium, such as
>pros and cons.

As always the first suggestion is to throw some bucks at a local CPA
to get a professional opinion. Now to the unprofessional answer.
:-)

This is the definition of a home for purposes of capital gains
exemption. A non gov site said the definitions are the same for the
tax credit act.

www.irs.gov/publications/p523/ar02.html

"This section explains the term �main home.� Usually, the home you
live in most of the time is your main home and can be a:

"* House,
"*Houseboat,
"*Mobile home,
"*Cooperative apartment, or
"*Condominium."
 | 
Pages: 1
Prev: Best wood floors in dry climate?
Next: PAYPAL BUYERS EXTREME MAILER IS HERE..DIRECT COMMISSIONS!