Brevard News and Information - We Know Brevard

The Kuhns Real Estate Group

Tax credit information

posted by WeKnowBrevard Blog @ 1:34pm, Wednesday 25 November 2009.

KREG/WKB. Well here I go again trying to explain this credit to you. I think what I’ve found is that as I go through my week, I get asked questions that I hadn’t thought of and then find articles that answers those questions. Here’s one I had on Monday. If qualifying for the $6500 tax credit, do I have to sell my home? The information that I had read said “Must have used the home sold or being sold as a principle residence consecutively for 5 of the previous 8 years” (NAR issue brief 11/16/09) . My interpretation was that the home sold or being sold meant you had to have sold your home or be in the process of selling it.

Here is more information on it that I read today…..The home you purchase must be your primary residence. However, the law doesn’t require you to sell your old home, says Bob Meighan, vice president at TurboTax, the tax software provider. You can use it as a second home or a rental and still claim the credit, he says. (USA Today) Here’s the link to several questions that might help you clear the air. My advice is to ask YOUR tax professional about it because he is the person you will be asking for his help on claiming the tax credit…..

Tax Credit Info

I’m rounding third and heading for……..Thanksgiving! Have a great Turkey Day!!

Best regards,

Brad Kuhns, P.A.

Broker Associate

321-435-3333

The Kuhns Realty Group

Brevard Real Estate

Home Values in your neighborhood TODAY!

Lee, How about your opinion on this one. You can get to the blog at Good Stuff You Need To Know. Maybe you can be one of the first to comment on the blog.