Admin

Nov 2008 Tax Credit for existing Homeowners- A Question

By
Real Estate Agent with Watson Realty Corp., REALTORS

I've only seen bits and pieces of the new legislation.

Has anyone seen a definitive answer to this:

The tax credit of 6500 is for buyers who have lived in their primary residence for the last 5 of 8 years.... But:

•Ø       Do they have to make the new home their primary residence?

•Ø       Must they also sell their current primary residence?

 

I.E., could the $6500 tax credit be applicable to a investor?

Thanks for your input!!!

Richard

Comments(3)

Show All Comments Sort:
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Richard, My understanding. They don't need to sell their existing primary residence.  I haven't seen anything on this being a "primary residence replacement".  But we have had great results getting "live" advice from the IRS. Then we have something for the file. 

Nov 11, 2009 01:09 AM
Richard Roux
Watson Realty Corp., REALTORS - Amelia Island, FL

Steve- Thanks for your insight!

Nov 11, 2009 01:28 AM
Joel Prince
The Principle Group, Inc - Hixson, TN
Hixson/Soddy Real Estate Broker

Richard -

Thanks for raising this question.  I had wondered about this myself.

Nov 11, 2009 01:36 AM