Posted on: 06th Jan, 2010 04:29 pm
If I qualify as as a repeat home buyer, do I have to sell my current home first to buy and get the tax credit? Or can I list my home, buy and get the tax credit and wait until my existing home sells?
Hi jbsulli,
As far as I know, if you've fulfilled the required criteria for getting the repeat buyer's tax credit, then you do not require disposing off your principal residence. You'll have to either buy, or enter into a contract to buy, a principal residence on or before April 30, 2010. Also, you'll have to close on the home by June 30, 2010. Apart from this, you must have lived in the principal residence for 5 years during the 8 year period which ended on the date when you bought the replacement home.
Thanks
As far as I know, if you've fulfilled the required criteria for getting the repeat buyer's tax credit, then you do not require disposing off your principal residence. You'll have to either buy, or enter into a contract to buy, a principal residence on or before April 30, 2010. Also, you'll have to close on the home by June 30, 2010. Apart from this, you must have lived in the principal residence for 5 years during the 8 year period which ended on the date when you bought the replacement home.
Thanks
that's right...you would not have to be selling your current home in order to claim the credit. keep good records, because the new form you'll need to file it will ask for some additional documentation.
