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If I meet all the criteria for the 6500 tax credit, can I get it if I buy a duplex and live in it?

  • March 13 2010 - Cleveland
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Answers (2)

the 6500.00 tax credit is available for single family homes, there is a different credit for multiple family homes, but at least one unit must be owner occupied.

  • March 15 2010
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Profile picture for sunnyview
Yes you can as long as you meet the criteria. The amount of the credit is figured differently for owner occupied duplexes. The IRS has that information here. You can only claim the credit for the side of the duplex that you will be occupying and not for the rental side. 

"Q. I purchased a duplex home with two separate dwelling units. I will live in one dwelling and will rent out the other dwelling unit and report the rental income on Schedule E. May I qualify for the first-time homebuyer credit, and what amount do I use for the purchase price to determine the amount of the credit? 

A. Yes, you may qualify for the credit for the dwelling unit that you use as your principal residence. To determine the amount of your credit, you must allocate the purchase price of the duplex between the two separate dwelling units. You may not use the entire purchase price of the duplex to determine the amount of your credit."

Hope it helps.
  • March 13 2010
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