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UPDATED: JUNE 2010
178
INCOME
LIF DISREGARDS
Qualified first-time homebuyer is a taxpayer (and, if married, the taxpayer’s spouse) who has no present ownership interest in a principal residence during the 3-year period ending on the date of acquisition of the principal residence.
Date of acquisition means the date of entry into a binding contract to acquire, construct, or reconstruct the principal residence.
Qualified plan means a business plan which:
(a) is approved by a financial institution, or by a nonprofit loan fund having demonstrated fiduciary integrity; and
(b) includes a description of services or goods to be sold, a marketing plan, and projected financial statements; and
(c) may require the individual to obtain the assistance of an experienced entrepreneurial advisor.
Qualified principal residence is a principal residence (within the meaning of Section 1034 of the Internal Revenue Code of 1986), the qualified acquisition costs of which do not exceed 100% of the area purchase price applicable to such residence (determined in accordance with paragraphs (2) and (3) of section 143 (e) of the Internal Revenue Code).
INSURANCE PAYMENTS - Moneys from insurance payments for the purpose of repairing or replacing a disregarded resource, which was lost, damaged or stolen, are disregarded. Any interest received from such payments is also disregarded.
JOB CORPS - Money received by a family based on the enrollment of a child in the Job Corps.
NATIVE AMERICAN PAYMENTS -Seneca Nation Settlement Act payments made by the State and Federal governments, under P.L. 101-503, to the Seneca Nation.
Distribution to Native Americans of funds appropriated in satisfaction of judgments of the Indian Claims Commission or the United States Court of Federal Claims. This includes up to $2,000 per year of income for interests of individual Native Americans in trust or restricted lands, from funds appropriated in satisfaction of the Indian Claims Commission or the United States Court of Federal Claims.
(MRG)