Question re: Tax break for homebuyers....

[sdcity]

Originally Posted by shellytc

sdcity, you can check out the tax fraud situations, but think of it this way..... the credit is keeping folks in the house buying mode so you CAN sell your property. IF you really want to. Just ask the folks that have been trying to sell for the last 2 years what it has been like. You may be able to keep your value from going down any further.... so although not eligible for the credit, you will still "benefit" from this.

shelly

good way to put it. If i can sell my place without a substantial loss that will be good.

[MEM]

I think I know the answer but I'll ask anyway - I just bought a house and did live in my previous house 5 yrs but since I already bought I wouldn't be eligible for the credit, correct?

[rjrcm]

Originally Posted by MEM

I think I know the answer but I'll ask anyway - I just bought a house and did live in my previous house 5 yrs but since I already bought I wouldn't be eligible for the credit, correct?

If you closed before the President signs the extension bill, then you do not qualify.