7,000 tax credit to purchase foreclosed homes

[Luzette Eaves]

The bill that includes the above tax credit, is it for owner occupied, or can an investor obtain the tax credit by buying a foreclosed home? I did a search, and came up with more than one answer!

 

[Vegan702]

Provide the answers!

 

[Mike Boyd]

I heard it was owner-occupants only. However, I also heard it was for only $5,000.

 

[Luzette Eaves]

So far, it appears it is only owner occupied, but still $7000. A number of Foreclosure.com type companies are stating it is for investment also. Can't seem to narrow down the truth.

 

[Mr Rex]

So far, it appears it is only owner occupied, but still $7000. A number of Foreclosure.com type companies are stating it is for investment also. Can't seem to narrow down the truth.

They just lie about occupancy like they have always done.

 

[DTB]

"The foreclosure tax credit will give buyers of foreclosed properties a $7,000 tax credit, to be divided equally between the two years following the home’s purchase. For married couples filing separately, the credit will be divided into $3,500 per person. The credit is only available for property purchased as a principle residence, so investors would need to use the home as such for the 24 months following the purchase date in order to receive the full $7,000 credit. If the investor opts to dispose of the property or fails to use it as a principal residence at any time during those 24 months, whatever portion of the tax credit remains will be disallowed."

..........

 

[Mike Boyd]

There, you have it! Thanks, Mike.

 

[Luzette Eaves]

Yes! Thank you!