• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

There’s no tax place like home

by on
in Leaders & Managers,Management Training

Q. In your article on the new stimulus law, you say you can get the homebuyer credit for purchases in 2009. Can I claim the credit if I already own a home? A.R., Bangor, Maine

It depends. The new credit (maximum of $8,000) is available only for the purchase of a “principal residence” in the United States as defined for other tax purposes (i.e., the home where you live most of the time if you have not owned a principal residence for the previous three years).  Owning a vacation home would not disqualify you. Note that the credit applies to purchases in 2009 only if made before Dec. 1.

Tip: If you’re building a new home, you are treated as having purchased it on the date when you first occupy it. 

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/9267/theres-no-tax-place-like-home "

Leave a Comment