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In Jack’s September 2009 Newsletter he writes the following on page 3:
“A new provision of the law allows home sellers who sell to qualifying first time home buyers to also get the tax credit if they buy a replacement home within the time limits. This is expected to bring 160,000 additional buyers into the housing market.”
I’ve been unable to confirm this with any official references.
Can anybody provide a link or insight?Specifically, I’m selling a rental property to a first time home buyer. I can find a replacement property. I want the $8k credit! How do I get it?
Jimi
Jack will not be available for a few months so I cannot get clarification from him.
I think what Jack is referring to is IRC121 tax credit. When a home seller sells their personal residence, and they have lived there at least 2 years, then they do not have to pay taxes on the profit — up to $250,000 for a single person and $500,000 for a married couple.
I cannot find any other tax credit for home sellers – with out without a replacement property.
Jackie
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