Comments on: Home Buyers Tax Credit Set to Expire http://www.ranchocordovapost.com/2010/03/15/home-buyers-tax-credit-set-to-expire/ Local News, Events, Things to Do Thu, 03 Feb 2011 01:31:53 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Billy http://www.ranchocordovapost.com/2010/03/15/home-buyers-tax-credit-set-to-expire/comment-page-1/#comment-6734 Billy Tue, 16 Mar 2010 23:24:44 +0000 http://www.ranchocordovapost.com/?p=8883#comment-6734 I'd like to clarify for you; you ARE eligible for the first time home buyer credit if you haven't owned YOUR PRINCIPAL RESIDENCE in the last 3 years. You can own a rental property, or multiple rental properties, as long as you are renting your principal residence from somebody else. http://www.irs.gov/newsroom/article/0,,id=206294,00.html (S3) Also, somebody trying to get the $6,500 credit for existing home owners doesn't have to sell their current home... just move out of it. They can keep it as a rental property. Which is good to know since this isn't the best time to sell! ;-) HTH, Billy (Real Estate Broker) I’d like to clarify for you; you ARE eligible for the first time home buyer credit if you haven’t owned YOUR PRINCIPAL RESIDENCE in the last 3 years. You can own a rental property, or multiple rental properties, as long as you are renting your principal residence from somebody else.
http://www.irs.gov/newsroom/article/0,,id=206294,00.html (S3)

Also, somebody trying to get the $6,500 credit for existing home owners doesn’t have to sell their current home… just move out of it. They can keep it as a rental property. Which is good to know since this isn’t the best time to sell! ;-)

HTH,
Billy (Real Estate Broker)

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