$15,000 Home Buyers Stimulus

Asked by Andrew Lindley, Denver, CO Thu Feb 5, 2009

May be a bit premature a question, but with the proposed $15,000 stimlulus for home buyers buying a primary residence. How would that impact if I'm looking to buy a secondary residence in the Summer and it then becomes my primary residence in the fall? Would I qualify retroactively?

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., , Brick, NJ
Thu Feb 5, 2009
Currently there is a $7500.00 tax credit all ready in place for first time home buyers only, who purchases a home prior to 07/31/2009. The new proposal would be extended to all home buyers and allow for a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. So as I interpret the information that is out there, yes if the bill passes you would have the benefit of this write off. Of course check with your accounting professional to confirm this information.
Dawn Marie White Broker-Manager Crossroads Realty Inc
732-528-6800 office 732-581-9414 Cell http://www.njwaterfront.com
Web Reference:  http://www.njwaterfront.com
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Jen and Mark…, Agent, Holmes Beach, FL
Thu Feb 5, 2009
The bill doesn't look like it would apply to secondary residences. Your accountant would be able to to let you know how it works if you make turn a secondary home into your primary home. Hopefully we will all have details on this soon.
Web Reference:  http://www.JenBowman.com
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Jim Lee, Agent, Portsmouth, TN
Thu Feb 5, 2009
The best answer possible right now is 'maybe'. Your tax professional can best advise you after the bill passes (hoping it does). I don't think anyone knows anything definitive about the bill now because it's still very much in the formative stages.

Since it's a tax credit I'm assuming it would be taken in the year following your home purchase when you file your taxes.

Tax credits are great because you subtract that number right off your bottom line.

The bill passed the Senate yesterday (Feb. 4th) so now it goes to the House and then to the President. Who knows what could happen to it on it's journey to passage.

I would advise you and everyone else in favor of this bill to call your Congressman or woman and tell them you support it.
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