First time home buyer - Do I qualify for $8000 tax credit if I bought the home with an existing renter?
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Hello, I know qualified first time home buyers are now able to get a tax credit of up to 8000 if purchased before April 2010. If the home is originally rented to someone when the purchase takes place although it will be my prncipal residence does this mean I no longer eligible for the credit? The purpose of purchasing the home is not to rent it nor for business use. Can someone please provide any info. I checked the IRS website and it says that if the purpose of buying the home for renting it or for business it doesnt qualify but that is not my purpose and I am not renting but it was previously rented out when I purchased it.
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Answer:
The purpose of the credit is for you to move. If you have a tenant and don't move in, you do NOT qualify even if you kick them out at the end of the lease.
yazman at Yahoo! Answers Visit the source
Other answers
Here you go all the info that you need to know about the $8,000 home buyer tax credit. Hope this helps!
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