NEW TAX CREDIT FOR 2009 FOR FIRST TIME HOME BUYERS

Kathy
Home Buyer
New York, NY

I PLAN ON PURCHASING A HOME WITHIN A COUPLE OF MONTHS IN FLORIDA , CLEARWATER, LARGO AREA. I PLAN ON USING MY INCOME FROM THE STATE I LIVE IN NOW NEW YORK. ONCE I PURCHASE THE HOUSE I DO NOT PLAN ON MOVING RIGHT AWAY, MOST LIKELY WITHIN THE YEAR. THIS WILL BE THE FIRST HOUSE I EVER OWNED, WILL I BE INTITTLE TO THAT NEW CREDIT FOR FIRST TIME HOME BUYERS?

Answers (3)

I was a tax preparer in my former career. If you are not working with a Realtor, I would be glad to meet you and discuss the tax ramifications of home ownership. I specialize in the Clearwater/Largo/Seminole area.

Martha Vasquez
Realty Resources
(727) 244-9404

Web Reference: http://MarthaVasquez.com
Thu Feb 19 2009, 05:51
Louise Warring
Agent
Lake Mary, FL

Hi Kathy -- There's quite a bit of information on this website about the new tax credit: http://www.federalhousingtaxcredit.com/

Hope this helps. Good luck and Happy House Hunting!

Louise Warring
Coldwell Banker Residential Real Estate

Thu Feb 19 2009, 05:18
Jeff Launiere,...
Agent
Tampa, FL
FIRST ANSWER

The rules for the First Time Home Buyer Tax Credit states that it has to be for a Primary Residence. Here is some language from the bill.

"Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats."

Sincerely,

Jeff Launiere, P.A.
Keller Williams Realty
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Thu Feb 19 2009, 05:10

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