Do I have to be a first time home buyer (never ever bought real estate before) in order to get the federal tax credit I’ve read about? Any other restrictions I need to know? I’m looking in Chicago.
—
AgentAnswers(SM) offers prospective Chicagoland home buyers and sellers a free, anonymous way to get general answers to their real estate questions from local Realtors(R). Consumers submit inquiries to us via Twitter or email, which we post here at the AgentsCompared.com blog. Area real estate agents can then respond by commenting on the post.
Realtors(R) do not need to be registered with AgentsCompared.com to participate in AgentAnswers(SM). Just subscribe to this blog or our Twitter feed (see right hand column) to keep up with new questions as they are posted.
Want to check out previous AgentAnswers(SM) questions and responses? Go to the “Blog Categories” dropdown in the right hand column and select “AgentAnswers”.
You do not have to be a first time buyer to take advantage of the new and improved Homebuyer Tax Credit. A first-time buyer otherwise eligible to get the credit may not have had an interest in a principle residence for 3 years prior to purchasing the new home.
Also a current owner that has used its current home for a principal residence for 5 of the last 8 years can qualify for a new $6,500 credit.
The National Association of Realtors has a nice summary page of the Homebuyer Tax Credit. You can take a look at:
http://tinyurl.com/yjsywcl
If I can be of any help in your search, feel free to contact me.
Eric Marcus ABR, CRS, CNE, CPA
ESM Realty
Your Real Friend in Chicago Real Estate
773-244-1110
esmarcus@sbcglobal.net