8,000 tax rebate

[Anonymous]

If you purchased a home as a first time home buyer and then demolished it would you still get your first time home buyer rebate?

[DallasLoanGuy]

interesting question.

i would think you still qualify.... i havent seen anything says you cant

but i think you DO have to take occupancy

[allaboutcredit]

 That should not be a problem as one would incur $ 80.000 expense to gain $ 8,000.

 No wonder, nobody thought about this excellent idea 

[Anonymous]

It says on the irs.gov website

Taxpayers who purchase an existing home and renovate the property before moving in are eligible for the first-time homebuyer credit based on the date of purchase, not the date of occupancy.    

http://www.irs.gov/newsroom/article/0,,id=206294,00.html

Now I don't know if demolishing the house would count as renovation or not - I would certainly call the IRS and confirm it.

[Anonymous]

If you don't live in the home for three years as your primary residence, you have to pay the credit back. Hold demolition off till the fourth year.