Quote:
Originally Posted by Army Guy
The other catch is, it can not be a second home and there lies the catch 22. Most, like us, bought in TV first, then sell our other house. WRONG!!!! When you buy your TV house, it counts as a SECOND HOME cause you still own your first! In order to get it you must come from renting/lease not own.
Army Guy
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I found the following on the irs.gov website today:
Q: I’m already a homeowner. If I buy a replacement home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the homebuyer tax credit?
A: If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009. (11/17/09)
This pretty clearly states you don't have to sell your existing home first to qualify for the $6500.