User talk:Taxguy1024
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Go Zone
Taxguy, would you please look at my follow-up Go Zone questions re Original Use (i.e., whether act of investor who puts unit into service for <3 months before selling to taxpayer deprives taxpayer of being origianl user for purposes of benefit)? Thank you in advance.
Go Zone Tax Exempt Bond Financing
I am working with two developers in the go zone area on an assisted living center development. Here's the deal... They acquired the property after 8/28/05 through a 1031 exchange. From what I understand, they would not be eligible for the accelerated depreciation because of the exchange acquisition and would consequently have to select the use of the tax exempt bond financing. My question is, Will the exchange effect their eligibility for the tax exempt bond financing? The project is otherwise eligible for the Tax Exempt Bond financing.
FIRST TIME HOMEBUYER CREDIT
I APPRECIATE THE "YES" ANSWER - THAT'S ALL I WANTED!! YOU KNOW, I CALLED IRS TODAY AND WAS PUT ON HOLD (TWICE) FOR OVER 30 MINUTES EACH TIME - THEN HE INSISTED READING THE INSTRUCTIONS FOR THE #5405, WHICH I TOLD HIM I HAD READ AND READ AND ONLY WANTED A SIMPLE ANSWER - HE WAS ADAMANT ABOUT THOSE INSTRUCTIONS - THAT TOLD ME HE DID NOT KNOW THE ANSWER!!
THANKS
PM1040
