In a reported decision, the Tax Court ruled that an S corporation is not an individual and, therefore, it does not qualify for an individual’s tax breaks for home ownership.
This was upsetting for Jack Trugman, who had asked IRS representatives if his S corporation could buy his principal residence and if this would qualify him for the first-time homebuyer credit.
The IRS representatives said “yes,” but that was wrong.
The court noted that it is unfortunate when a taxpayer receives inaccurate information ... Log in to view full article.
