Home Buying in San Ramon>Question Details

Mike, Home Buyer in Decatur, GA

If i purchase a second home and my nephew lives in the home am i eligible for the tax credit.

Asked by Mike, Decatur, GA Mon Nov 30, 2009

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3
No, the home must be your primary residence. If you rent your current home to your nephew and buy a new home you may qualify for the $6500 credit but you should talk to your accountant for specific information.
0 votes Thank Flag Link Thu Dec 3, 2009
Mike,

I believe that Diana is right, but this is a question that you should ask a tax expert for the final answer.
0 votes Thank Flag Link Thu Dec 3, 2009
Hello Mike,

No, the home must be an owner-occupied (primary) residence, in order to receive the tax credit. Whoever buys the home, must be the one licing in the home to get the credit. You also must not have owned a home for 3 years, or have owned a home for 5 years and are purchasing a new home.

Hope that helps!

Diana


Diana Breazile
Director of Operations
HouseTech, Inc.
diana.breazile@housetech.com
Tel: 888.525.HOUSE
0 votes Thank Flag Link Mon Nov 30, 2009
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