Purchase
(A) In general The term “purchase” means any acquisition, but only if— (i) the property is not acquired from a person related to the person acquiring such property (or, if married, such individual’s spouse), and (ii) the basis of the property in the hands of the person acquiring such property is not determined— (I) in whole or in part by reference to the adjusted basis of such property in the hands of the person from whom acquired, or (II) under section 1014(a) (relating to property acquired from a decedent).
(B) Construction A residence which is constructed by the taxpayer shall be treated as purchased by the taxpayer on the date the taxpayer first occupies such residence.
(A)In general#
The term “purchase” means any acquisition, but only if—
(i) the property is not acquired from a person related to the person acquiring such property (or, if married, such individual’s spouse), and
(ii) the basis of the property in the hands of the person acquiring such property is not determined— (I) in whole or in part by reference to the adjusted basis of such property in the hands of the person from whom acquired, or (II) under section 1014(a) (relating to property acquired from a decedent).
(A)(i)#
the property is not acquired from a person related to the person acquiring such property (or, if married, such individual’s spouse), and
(A)(ii)#
the basis of the property in the hands of the person acquiring such property is not determined—
(I) in whole or in part by reference to the adjusted basis of such property in the hands of the person from whom acquired, or
(II) under section 1014(a) (relating to property acquired from a decedent).
(A)(ii)(I)#
(B)Construction#
A residence which is constructed by the taxpayer shall be treated as purchased by the taxpayer on the date the taxpayer first occupies such residence.