My son was deployed to Iraq in July 2006. His wife was left behind to sell their home in Hawaii. When he returned from his overseas service to his grateful family, he was stationed in Ohio where he and his wife rented a townhome. In February 2010 they will be moving into their new home in Maryland. Question: Are they eligible for the new tax credit? The answer is: Yes and no.
Yes, they are eligible for the $8000 buyer credit, because my son and his wife had not owned a home for the previous three years.
No, they are not eligible for the $6500 seller credit. They sold and closed their Hawaiian home prior to the passing of the new home seller tax credit. The spirit of the seller tax credit is to stimulate new activity in the housing market and the larger economy of the country.
The new home seller tax credit calls for an incentive for homeowners who have owned their current homes at least five years. Owning for five years makes sellers eligible for credits up to $6500 when they purchase a new home. With more buyers like my son and his wife entering the real estate market, it's an ideal time to move.
--Steve
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Tami DeLand and Steve HansenSaint Cloud and Central Minnesota REALTORS
Coldwell Banker Burnet
(320) 258-6675
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St. Cloud Real Estate, Condos, Homes for SaleCentral Minnesota Real Estate---
