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INCOME PROPERTY - TAX ADJUSTMENTS TO BE AWARE OF...

Reblogger Peter Testa

Real Estate Agent with Nationwide Homes

January 13, 2009 03:34 PM

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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George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Peter, I did not know that, so thanks for the info, I will pass it on to those that I think are affected by this.

Jan 14, 2009 01:27 PM

Peter Testa

Nationwide Homes - Danbury, CT

PETER TESTA

Income properties can be subject to their own set of rules. When the time has come to sell your income property rely on the advice of your professional network; be it attorneys, accountants, Realtors or your banker. We perform these type of sales on a regular basis & know the laws governing the sale of these type of properties. Check with an expert first.

Jul 17, 2009 05:50 AM