Profile picture for luvteaching

Can the $6,500 credit be used for buying a second house that will be eventually moved into?

We have purchased a "future" retirement home, Jan 2009.  We have not moved in yet, and our time line was 1-2 years before moving from our current home to retirement home.  Can we still take advantage of the credit?
  • November 06 2009 - Athens
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Answers (2)

Profile picture for hankbailey
Doubtful.  Considering the fact that this new legislation was not even in the works at the time.  I wouldn't hold my breathe!
  • November 28 2009
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This would most likely be considered a second home by the IRS and under previous program guidelines the purchase of a vacation home, second home or investment property would not entitle you to the tax credit.

When you say you have purchased a second home in Jan 2009 I also assume that you have closed on the property. Any purchases made prior to 11/06/2009 would not be affected by current legislation as the tax credit is most likely not retroactive despite the program being in effect since before January 2009. Previous changes to the program were also not retroactive. 
  • November 06 2009
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