$6500 credit to current home owners
LacerteShould the current home owners have to necessarily sell the existing home or can they rent it out in order to avail the $6,500 credit on the purchase of a new home?
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11/23/09 7:36am PST
Viewed by asker 11/23/09 4:16pm PST
Viewed by asker 11/23/09 4:16pm PST
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RekaUjj
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11/23/09 2:06pm PST
The credit is for first time home buyers. If they already have a home, they are not qualified to receive the credit.
Reka
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11/23/09 3:00pm PST
I have to read my paperwork in my office tomorrow. I think you have to sell the old one.
Reka, check out the new law for the "Not-Necessarily-First-Time" Home Buyers' Credit.
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11/23/09 4:16pm PST
Thank you for responding to my question and also informing Reka about the recent changes.
Based on additional research I did, it appears the existing home owners need not sell their current home.
Mt Juliet CPA
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11/23/09 5:46pm PST
the $6,500 credit is for existing homeowners whom have lived in and owned the old residence 5 out of the last eight years
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RekaUjj
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11/23/09 6:04pm PST
Thanks for the correction.
Reka
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Accountant Man
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11/23/09 6:57pm PST
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No sale needed, good.
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
