Profile picture for Rome1984

Can a second home buyer get a 8000 tax credit as well?

I'm planning on buying a condo closed to a state university and rent it to students. Can I receive Tax credit since it will be my second time buying a property and also will i qualify if i rent it out?
  • March 17 2010 - Riverview
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Answers (5)

You would be eligible IF it was going to be your primary residence and IF you have been living at your current home for five of the last eight years. If you are married then both you and your spouse must have lived in your current home for five of the last eight years. www.federalhousingtaxcredit.com is a great resource if you need further clarification.
  • March 18 2010
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Profile picture for workabee
NO you don't qualify because it's going to be rental. Anyone who says you need an accountant for that question needs a surgeon for their brain transplant.
  • March 17 2010
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If you purchase a second home but it is your NEW primary residence and have been in your previous home for 5 yrs or more you may qualify for $6500 in tax credits.
This is really an accounting question so please check w/ your tax advisor for details and elligability

  • March 17 2010
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Profile picture for wetdawgs
The $8000 first time home buyer tax credit is for people who've not owned a primary residence in the last three years.  They must have the property as a primary residence for the next three years, or pay back the $8000.  

You are describing a situation that does not qualify for the credit.

  • March 17 2010
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Profile picture for sunnyview
No. You would not qualify on several fronts. If you claim the buyers tax credit, you must occupy the property as your primary residence. Also, second homes and rental property do not qualify. You can get more information from the IRS here. Hope it helps.
  • March 17 2010
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