Expanded and Extended Tax Credit Information–From the Expert
Questions and Answers from the Expert about the Expanded and Extended Tax Credit
Sellers and Buyers in and around the Corvallis and Albany, Oregon real estate markets can benefit from a clear understanding of the opportunities the Expanded/Extended Home Buyer Tax Credit provides.
An excellent source for answers to questions you may have about the expanded and extended tax credit for First Time Home Buyers and Long Time Home Owners that are thinking of making a change can be found at the Q & A page for the I.R.S. The ultimate resource for information about taxes, tax credits and all other information that relates to the Expanded and Extended Tax Credit for buying a home.
It is possible to have parent (or other family members) assist in the purchase and still be eligible for credits.
If you are currently a homeowner and meet the other requirements, you do not have to sell your existing home (you could rent it out), but you do have to occupy the newly acquired home and meet all the other requirements.
You do not have to “buy up” or, in other words pay more for the new house.
Read the Questions and Answers about the tax credit for Home Buyers. This is truly a limited time opportunity.
I.R.S. Information about the Expanded and Extended Tax Credit
As always, seek the advice of a qualified tax advisor if you have questions about tax laws and how they pertain to personal circumstances.
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