Well, by now most AR members know that an extension and expansion of the first-time buyer tax credit is imminent. This news is creating a lot of buzz which hopefully will translate into some home sales (we’ll see). As this is breaking news, however, it’s also generating a lot of questions. A couple of good ones that I have been asked (and don’t yet know the answers to) are:
Is the any retroactive feature in the new version of the tax credit for current homeowners. For example, if a couple sold a home and bought a home earlier in 2009 (assuming all other criteria are met), would they be eligible for the $6,500 credit?
If a current home owner buys a new home and makes it his/her principal residence (again assuming all other criteria are met), does that homeowner need to sell the prior principal residence or can it be kept as an investment property?
If anyone know the answers to these questions or has some other good questions of their own, please post your responses.
Copyright © 2009, The Scott Loper Team, All rights reserved. Update on The First-Time Home Buyer Tax Credit - Not So Fast, Sparky.
The Scott Loper Team
Scott Loper - Associate Broker
Lisa Loper - Sales Associate
RE/MAX Realty Group
439 Main Street
Harleysville, PA 19438
Ph: 215-256-1200 x-213
