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Answers (3)
- Amanda Nicodemus, "realtyhouston1"
- Contributions:222
Congratulations on paying off your mortgage! (Not a lot of people can say that!)Both Michael & Yuval are correct on their responses. The $6,500 maximum tax credit is for 'existing homeowners' who have lived in their current home for at least 5 years of the past 8 years. So yes, you would qualify in this aspect. You wouldn't need to sell your current home unless you needed that money to buy the new home. Of course you would need to qualify for a mortgage (credit score, income, etc). The new home/ 'second' home must be your primary residence for at least 3 years (not investment). If you sell or move before the 3 years, you must re-pay the full amount of the credit!
- Yuval Degani, "Dream Town Realty"
- Contributions:67
Cancia -
As long as you are making the new home your primary residence yes you would qualify for the $6500 (assuming you aren't disqualified for any of the other reasons eg income, etc.) You do NOT need to sell your previous residence as long as you qualify to purchase the new one without selling your current one.
As long as you are making the new home your primary residence yes you would qualify for the $6500 (assuming you aren't disqualified for any of the other reasons eg income, etc.) You do NOT need to sell your previous residence as long as you qualify to purchase the new one without selling your current one.
- Michael Emery, "MikeEmery"
- Contributions:7298
If you are selling your primary residence of 12 years and buying a new home, then yes you might qualify for the $6,500 tax credit (assuming you meet the criteria other than previous home ownership).
If you are buying a second home (vacation/investment) while continuing to own and live in your home of twelve years then you do not qualify for the tax credit.
The tax credit is either for new home buyers or homeowners who are looking to sell and buy a new home.
If you are buying a second home (vacation/investment) while continuing to own and live in your home of twelve years then you do not qualify for the tax credit.
The tax credit is either for new home buyers or homeowners who are looking to sell and buy a new home.
I am buying a 2nd home ,lived in it for 12 yrs. It's paid off, do I qualify for a the tax credit.
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