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Answers (11)
- Gilda Baxter, "buying selling homes"
- Contributions:68
No--the tax credit does not apply to a 2nd home. It must be your primary home. The tax credit for home sellers buying a new home is $6,500. The purchase price of the home can not be above $800,000. If it is above that, then you won't get any tax credit.
Let me know if you need anything or have any questions.
Let me know if you need anything or have any questions.
- Jay Thompson, "PhoenixRealEstateGuy"
- Contributions:31
Gilda -
What "proposal for next year" are you referring to? There are currently upwards of nine bills in the House and Senate to either extend or expand the existing credit. And one bill in the Senate (S1230 if memory serves me correctly) is for $15K. And some of the bills are seeking expansion beyond the first-time buyer limitation.
I've never seen this proposal for next year you are referring to and would be interested in seeing it. Have a link?
What "proposal for next year" are you referring to? There are currently upwards of nine bills in the House and Senate to either extend or expand the existing credit. And one bill in the Senate (S1230 if memory serves me correctly) is for $15K. And some of the bills are seeking expansion beyond the first-time buyer limitation.
I've never seen this proposal for next year you are referring to and would be interested in seeing it. Have a link?
- Robert Lowery, "Bob Lowery"
- Contributions:2097
I believe we should work within certain time frames on Q&As. This question is 8 months old.
- Gilda Baxter, "buying selling homes"
- Contributions:68
I believe we should work within the facts. At this time there is only the $8,000 tax credit for 1st time home owners. I've read the proposal for next year. As it is written at this time--it would be $8,000 (not $15,000) for all Buyers. (Not investments)
It should be interesting to see what does happen (if anything)
I've also noticed with the present $8,000 tax credit, that home prices have started to raise.
It should be interesting to see what does happen (if anything)
I've also noticed with the present $8,000 tax credit, that home prices have started to raise.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
The current tax credit is $8,000 and is for first time home buyers only. If you have owned a home within the last three years, you will not qualify for the tax credit.
There are a few bills in Congress right now revising the current bill, but none have not been approved yet.
There are a few bills in Congress right now revising the current bill, but none have not been approved yet.
- NTETS, "Mr Caveat"
- Contributions:6436
as long as it is for a primary residence, you should qualify...
- orozco123456
- Contributions:1
I own an investment property that I bought 20 years ago. It was a primary residence when I bought it but now have used it as an investment property for the last 10 years. I now want to buy a primary residence in 2009. Do you know if I will qualify for the $15,000 tax credit as i already own an investment property but no primary residence?
- Tim Cash, "WelcometoClarksville"
- Contributions:186
There is still alot not known about the current amendment, but as I read it - it is for primary residence purchase only. We will see what comes out of the bill once it is signed by the President, but I don't believe it will apply to a 2nd home or investment property.
- Home Lending Pros.
- Contributions:224
It will pass, no question about it!
- Jay Thompson, "PhoenixRealEstateGuy"
- Contributions:31
Any answer to any question on the $15,000 tax credit should include a big giant disclaimer -- the tax credit isn't law yet.
The language in the Stimulus bill could be changed before it passes the Senate, and it could be changed again in the conference committee that will reconcile the differences between the House and Senate versions.
As it is currently written, only primary residences qualify.
The language in the Stimulus bill could be changed before it passes the Senate, and it could be changed again in the conference committee that will reconcile the differences between the House and Senate versions.
As it is currently written, only primary residences qualify.
- Home Lending Pros.
- Contributions:224
The tax credit would give buyers 10 percent of the price of a primary residence bought within one year, up to $15,000, and is intended to stabilize plummeting home prices.
Will the $15000 tax credit apply to a second home?
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