Got Income Producing Property?
With all the talk about the first time homebuyer tax credit, there is little talk about the adjustments that they are talking about for income producing property.
If you use a property for income and then move into it and live there for 2 years and then sell it. You will not be eligible for the gain amount. It will be a fraction with the # of years you own the property and the # of years you have it as an investment.
Please check with your tax consultant to confirm how this pertains to your financial situation. This information is subject to change due to the government's constant attention to tax laws and credits.
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