Question: Can i be considered first home buyers if we owned a mobile home, but not the land the mobile home was on, we didn’t claim homestate exception, nor did we claim any interest on loan. Answer: A primary residence can be a house, condominium, co-operative apartment, houseboat, or mobile home. Credit will be given to ...
If “first time” had been the heartbreaker for you, here is a new deal. For people with 5 continuing years as home owner out of prior 8-year period, you are in for a $6,500 credit if you buy a new house during 11/6/2009 to 5/1/2011. Hmm, the 5-continuing-year is to block out speculator ...
1031 exchange allows investors to shield a real estate deal from hefty tax bite. As heroic as it is to many, it has its share of complains. You have to buy another property within a short time and you have to continue to buy more expensive new property. Basically, it is restrictive and rigid. Formality ...
We are already in the last quarter of 2009. At the beginning of the year, congress passed the American Recovery and Reinvestment Act to boost the economy, which gives a lot of tax goodies. It is time to take a quick look so that we won’t miss them before it is too late. Some of ...