Home Buying in Melrose>Question Details

Confused, Home Buyer in Melrose, MN

$6500 tax credit for buying primary residence

Asked by Confused, Melrose, MN Thu Sep 30, 2010

in april 2010 i purchased a home in mn as my primary residence. i retired and put my other home up for sale in s. dakota. the only loan i could get at the time was a 2nd home loan. from the rules it seems i don't qualify for the tax credit.
is there anyway to still qualify?

bought a home in 04/10 as primary residence in mn. other home in sd is for sale. only loan i could get was a 2nd home loan. do i qualify 4 tax credit?

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Sadly this is one of those situations that while it pertains to real estate is actually a tax questions. Call your accountant and ask - they are the only ones allowed to interpret the IRS tax code.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Thu Sep 30, 2010
The IRS tax code is pretty clear on being able to receive the tax credit, you must not have owned a property within the last 3 years. I am not an attorney or accountant so I would recommend seeking professional advice for a definitive answer.

Also, you are talking about $6,500 tax credit. That was the amount for selling a property THEN buying. The tax credit for purchasing your first home (first in 3 years) was $8,000. To get the $6,500 you would have had to sell first and purchased before the deadline, since your other property is still for sale you did not make it in time.

You can refer to this website for some additional information: http://www.federalhousingtaxcredit.com/
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Thu Sep 30, 2010
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