Do I have to sell my home to qualify for the up to $6500 home buyer tax credit?
One of the questions being asked about the new tax credit of up to $6500 for home owners buying a replacement home is does the home buyer have to sell their current home to qualify for the up to $6500 home buyer tax credit?
The IRS addresses this question on their First-Time Home buyer Credit Questions and Answers: Homes Purchased in 2009 page:
Q: I’m already a homeowner. If I buy a replacement home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the home buyer tax credit?
A: If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home to use as your principal residence....
You should speak with an attorney or tax professional to receive additional information and help in determining if you qualify for the tax credit.
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