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7,000 tax credit to purchase foreclosed homes

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Luzette Eaves

Junior Member
Joined
Mar 22, 2003
Professional Status
Certified General Appraiser
State
New York
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

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
Provide the answers!
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I heard it was owner-occupants only. However, I also heard it was for only $5,000.
 

Luzette Eaves

Junior Member
Joined
Mar 22, 2003
Professional Status
Certified General Appraiser
State
New York
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

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
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

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
"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."

:angry::angry::angry:..........
 
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