First Time Homeowner Tax Credit
For those of us with clients qualifying for the $8,000.00 First Time Homeowner Tax Credit, we need to remember that if the home is converted to a rental within 36 months, the $8,000.00 must be repaid.
For existing homeowners, there is no requirement that they sell their current home to be eligible for the $6,500.00 tax credit, but they are not eligible for the credit if they use the new home purchase for a rental.
If we suspect this will be the case, we need to make them aware of this fact.
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