Patti Hessling's Discussions

Location, Location, Location.  I've seen areas where the market is "hot" with properties that are priced within the neighborhoods sweet spot see multiple offers over the asking price.  It  is a great time to buy in these areas, but there's other areas that have the potential for further reductions.  It's important to do your homework

Here are two sites with some good information for you.http://www.federalhousingtaxcredit.com/2009/faq.php#10http://www.irs.gov/publications/p523/ar02.html#en_US_publink100027480Basically what I read is that the rules for qualifying a property for the tax credit are the same rules for qualifying for the capital gains exemption.  Talk with a tax accountant about your specific situation.