One more tax credit question (financial, HUD, IRS, purchase)

[nsumner]

I apologize if this has already been covered but I read as much as I could through the other threads as well as tax credit site and couldn't find the answer to this one.

For the repeat buyers to qualify:

For an owner who has owned their current homestead for 8+ years rent it and purchase another house. Would they qualify for the $6500? Or are they required to sell the first home?

If anyone as a link to the actual bill, that would be great.

Thanks,

Naima

[nsumner]

Anyone? May be this should be moved to the financial thread?

[KellyJay07]

Irs website link First-Time Homebuyer Credit

[nsumner]

Thanks, I read though that as well as other sites but nowhere does it say that the owner MUST sell their house to be eligible. Neither does it say that it is OK to rent it out and still be eligible for it.

A CPA would have the accurate answer I guess.

Naima

[rjrcm]

Originally Posted by nsumner

...A CPA would have the accurate answer I guess.

You could also try calling the IRS help line at 800-829-1040.

Full text: http://www.govtrack.us/data/us/bills...h/h3548enr.pdf
Tax credit section starts pg 6.

[SmartMoney]

It was my understanding the sale and the purchase had to occur after the President signed the bill, but before the deadline. The date of sale would be determined by the HUD I.

[Lakewooder]

Anybody ever find out if you have to sell your current residence? Can you keep it and rent it out?

[nsumner]

Originally Posted by Lakewooder

Anybody ever find out if you have to sell your current residence? Can you keep it and rent it out?

Yes you can rent it out and still qualify.

Naima

[Lakewooder]

Thanks Naima...now do I really need another rental home? LOL