Tax Credit Quandaries Answered - Here are answers to some of the most confusing questions related to the new home buyer tax credits:
How does a current home owner qualify for the $6,500 credit? Buyers must have lived in their homes for at least 5 out of the last 8 years. The home they buy must become their primary residence, but buyers don't have to sell their previous home - they can use it as a rental or a second home and still claim the credit.
Does the new home have to be more expensive than the one the buyer currently owns? No, but if the property sells for more than $800,000, the buyers don't qualify.
Can buyers who are building a new home claim the credit? Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.
Can buyers claim the credit if they purchase a home from a relative? No.
Contact me for a homebuyer tax credit package today, get your questions answered and find out if you qualify by doing a quick and easy quiz.
Stefan Geyer, Colorado Realtor, 303-858-8100
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