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Do I qualify for the $8000 tax credit?

Contributions: 1

Q&A

:1

Hello,
I bought a 4-plex in Campbell, CA w/ my mom & sis in June '06, but never lived in it. Now I'm buying a short sale, a townhouse in Riverview, FL for $116,250 to close at the end of this week, November 13th, 2009, as a second home. Would this Riverview, FL townhome qualify for any tax credits?

Thank you,

Stephen

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November 09 - Riverview

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Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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As long as the property you own has not been your primary residence for even one day in the past three years, you would still qualify for the 8k tax credit. Ownership of an investment property does not disqualify you from the tax credit.

But you DID say this would be a 'second home' Would this be your primary residence (where you would live) or is this vacation home or another investment property? The home you are buying MUST be your primary residence for the next three years or you would have to pay back the credit to the IRS. Obviously if you already own a home that is your primary residence (as opposed to living in an apartment) you would not qualify for the tax credit.

Just as an aside, rental properties, second homes and vacation properties do not qualify for the tax program - either the new or old program.

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November 09

Kimberly Brandon, "KimberlyBrandon"
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Kimberly Brandon, "KimberlyBrandon"

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http://www.federalhousingtaxcredit.com/
Great website to answer all your questions...Hope this helps...Kimberly

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November 09

Roberto Ribas, "azrob"
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Actually, the tax credit says you qualify if you have not..."owned a principal residence during the three-year period prior to the purchase."

You may qualify if you have treated this property as an investment property for tax purposes all along.

The govt page about this is here: linky

It would be nice, if an agent could take five minutes to research a question, before answering it, don't you think??? right Judy?

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November 09

sunnyview
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sunnyview

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I don't really agree with the other poster. The IRS often makes a distinction between income property and a primary residence. You need to consult a tax professional or call the IRS directly here to get a 100% answer to your question.

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November 09

Judy Bibbings, "judy bibbings"
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Judy Bibbings, "judy bibbings"

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If you have a deed with your name on it no matter what State it is in, then you would not qualify for the first time homebuyer's tax credit of up to $8,000.

answered by:
http://www.homesonlinenow.com

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November 09

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