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Tax Planning/Lease Purchase filing

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Question
I purchased my home through a lease purchase in January of this year, 2012. In preparation for filing my upcoming taxes I had a question in regards in how to file purchasing my home. When I file would my lease purchase home qualify as buying a home on my tax return for this year? Would I qualify for a first time home buyer's tax credit?

Thank you

Answer
The first time home buyer credit is for home purchased in 2008, 2009 or 2010. You need your closing papers (HUD) to prove the date. So your home would not qualify. I suggest you use a software program like TurboTax (or similar) and it will guide you through all the applicable deductions.

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Richard S

Expertise

My expertise is in collecting past due taxes and tax returns. While at the IRS I worked on wage and bank levies, liens, Offer in Compromise, late filing and payment agreements every day. I spoke with over 20,000 people concerning their issues while I worked there (just retired).

Experience

Ten years working for the the IRS in Collections and tax return review. Worked with over 20,000 people on their IRS issues. Explained their options and usually worked out a solution while they were on the phone.

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Masters Degree from Iowa State in Ames.

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