Posted by Collette | Posted in Tax Credits | Posted on 11-03-2010
Everyone has been talking a lot about the Federal Tax credits available to those who are purchasing a new home. Many people are out looking for homes simply because they want to qualify for the $6500 or $8000 available from the Federal Government.
As always with taxes, nothing is ever simple or easy. The best advise I can give is to speak with a qualified tax professional for specific advice — an enrolled agent, a CPA or an attorney who specializes in tax issues. You can also go to www.irs.gov.
But for those of you that are just needing a few simple questions answered from a reliable source, I would like to recommend an excellent website created by the National Association of Home Builders. The website is http://www.federalhousingtaxcredit.com/index.html. It has tons of information about the first-time homebuyer tax credit and the repeat buyer tax credit.
Stay tuned over the next few days. We will review the other tax advantages to owning both primary residences and investment properties. With the real estate market bottoming out it is a great time to look at investing in rental properties.
Take care!
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Collette