Zillow Advice: Mortgage - Will the $15000 tax credit apply to a second home?

No--the tax credit does not ...

Mon, 09 Nov 2009 23:18:00 GMT

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.

Gilda - What "proposal for ...

Wed, 07 Oct 2009 21:43:00 GMT

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?

I believe we should work ...

Wed, 07 Oct 2009 21:20:00 GMT

I believe we should work within certain time frames on Q&As. This question is 8 months old.

I believe we should work ...

Wed, 07 Oct 2009 20:53:00 GMT

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.

The current tax credit is ...

Thu, 02 Jul 2009 13:56:00 GMT

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.

as long as it is for a primary ...

Thu, 02 Jul 2009 07:40:00 GMT

as long as it is for a primary residence, you should qualify...

I own an investment property ...

Thu, 02 Jul 2009 05:22:00 GMT

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?

There is still alot not known ...

Sun, 08 Feb 2009 22:57:00 GMT

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.

It will pass, no question ...

Sun, 08 Feb 2009 22:08:00 GMT

It will pass, no question about it!

Any answer to any question ...

Sun, 08 Feb 2009 15:40:00 GMT

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.