Claiming Tax Credit when owning rentals

I own several three family rental properties, two of which I have occupied one of the units in the past 4 and a half years. I know that the tax credit is for first time home buyers, or individuals that have not owned a primary residence in the past three years. Well, I had recently purchased my first single family property, which I moved to in August 2009. I’m wondering if there is any chance of this working if I was to take the credit. The only reason why I really feel that I should be eligible is due to the fact that I purchased the three family properties as investiments and only lived in one of the three units in order to save money to purchase a single family. I am curious what some of you think. Is there any guidance when previously occupying part of a multi-family property that you own (title currently held in LLC)?

you do not qualify.


My situation is a little different. I just bought my triplex in 2009. I did not buy it as owner occupied because the Loan officer said I can’t since I work about 6 hrs away. One is rented out, but the other two is not. Could I claim owner occupied (tax credit) since the other was not rented out? I did not own a property before this.

Only if you’re living there as your principal residence, and continue to live there as your principal residence for 36 months. And you would calculate the credit based on the residence portion only (in your case, 1/3 of the purchase price).

Financing is irrelevant.