New Couples Tax Credit

tony_romero77 · Joined: 06 Nov 2009 Posts: 1 1.29 Dollars($)

The new $6500 tax credit that was just signed by Obahma. Do you have to trade up? We are looking to buy a home closer to home and live there during the week and live at our current home during the weekend.

The new home is about 20 miles away from our home. Does the new home qualify as a primary home and tax credit if we keep our current home?

thanks

jenkin7 · Posted: Fri Nov 06, 2009 11:20 pm Post subject:

Hi Tony,

To qualify for the $6500 tax credit, you will have to use the home as your primary residence. The tax credit cannot be claimed on a second home. If you are going to purchase a new home, you will have to occupy the property for a majority of the year. Your current home will no longer be your primary residence and it will be considered as your second home.

All times are GMT - 7 Hours

Page 1 of 1