Speak to your tax consultant regarding IRS rules--the tax credit is for primary residences.

David,

Only primary residences count for the tax incentive. If you had lived in your previous home as a primary residence for 5 of the past 8 years and were planning on making the new purchase your primary residence, then you would qualify for up to $6500.

For more information on this and many other current events, visit the Dream Town blog: http://www.dreamtown.com/blog

I think the key words in your question are "second home" typically a second home is not considered by lenders as your primary residence. If you are looking to make this your primary residence through either selling your current residence or renting your current residence out, then this will be considered your primary residence. Hope this helps.

It must be your primary residnece, not a rental.

wait a few more days, perhaps weeks. Then go to the IRS and ask them. They will have the answers when the answers are to be had.

The tax credit was signed has been extended as of today. The $6,500 tax credit will only go towards a home that is your primary residence.


James Crannell
Baird & Warner
Cell: 773-766-7490
Fax: 773-409-5591
E-Mail: James.Crannell@bairdwarner.com

No, it is not clear yet. So far, all I can tell is that you need to own your 1st home for 5 years to qualify. I would be surprised if that is all, because the cost to the Feds would be huge, but other details will follow soon I am sure.

philip

yes . You just have to live in current home for the last 5 years.;)