$6.5k credit to 2nd home buyers

[jgombos]

What is the name of your state (only U.S. law)? fl

I heard about this tax credit of $6.5k for current homeowners who would buy another home, and make that home their primary residence.

Does it matter how cheap the 2nd home is? According to some heresay, this is only for "high end" homes. Anyone know what specifically qualifies the 2nd home for the credit?

Also, does the 2nd home have to be in the US?

 

[Antigone*]

What is the name of your state (only U.S. law)? fl

I heard about this tax credit of $6.5k for current homeowners who would buy another home, and make that home their primary residence.

Does it matter how cheap the 2nd home is? According to some heresay, this is only for "high end" homes. Anyone know what specifically qualifies the 2nd home for the credit?

Also, does the 2nd home have to be in the US?

You need to do some research. Let me just give you a small hint. This is not for a second home, either in our out of the U.S.

 

[jgombos]

I found some details here:

8000 Tax Credit Questions and Answers ? Arizona Mortgage Team

So the credit has a ceiling of 10% of the purchase price.

Antigone, I suspect you're confusing this with the first time buyer credit of $8k. The $6.5k is for a 2nd home. The only thing I don't have an answer for yet is whether there is a specific rule that it be in the US.

 

[Antigone*]

I found some details here:

8000 Tax Credit Questions and Answers ? Arizona Mortgage Team

So the credit has a ceiling of 10% of the purchase price.

Antigone, I suspect you're confusing this with the first time buyer credit of $8k. The $6.5k is for a 2nd home. The only thing I don't have an answer for yet is whether there is a specific rule that it be in the US.

If I understand the tax credit correctly, this would be a trade-up situation. You would have had to live in your primary residence for at least five years out of the past eight.

Also, this credit is being given to stimulate the US economy, why on earth would a tax credit be given by the US Government for someone to purchase a home in Yugoslavia

 

[jgombos]

Also, this credit is being given to stimulate the US economy, why on earth would a tax credit be given by the US Government for someone to purchase a home in Yugoslavia

Like many tax laws, it would be a gross oversight. Or perhaps it could be a deliberate broad thinking means to stimulate the housing market without introducing protectionism. In fact, if the funding for this credit comes from a larger stimulus package, there could already be a higher level requirement barring protectionist use of those funds in that case.

It comes down to a question of whether the law made it a point to specifically and expressly limit the buyers region. It's a long-shot indeed.

{EDIT} I got my answer here: http://www.irs.gov/newsroom/article/0,,id=206291,00.html Must be a US home.

 

[LdiJ]

I found some details here:

8000 Tax Credit Questions and Answers ? Arizona Mortgage Team

So the credit has a ceiling of 10% of the purchase price.

Antigone, I suspect you're confusing this with the first time buyer credit of $8k. The $6.5k is for a 2nd home. The only thing I don't have an answer for yet is whether there is a specific rule that it be in the US.

The 6.5k credit is NOT for a second home. It is for a new primary residence.