Buying or Selling a Home/$15,000 tax credit

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Expert: - 10/6/2009


Question
I know that the details for the $15,000 tax credit is unclear right now but I just had a question. My husband and I are first time home buyers although I am hearing that this tax credit is for all home buyers.  We have been planning on buying my mom's house from her and since it's for all home buyers this time I was just wondering if we would qualify for that credit.  Thank you!

Answer
Hi Hillary,

Your not really giving me enough information to answer you in earnest.  The credit (not money) is not for everyone, and there are stipulations to who the first time buyer is and income levels (credits phase out- don't know where you are in line) ... and since you are not purchasing an 'arms length transaction' ie you are buying moms... you may not qualify on those ground too... seek the advise of a Tax account - CPA, and financial planner... they work these angles everyday... and there are reason to do or not do certain things... most for delaying taxes ...

Good luck

Buying or Selling a Home

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Connie Wildasinn-Broker,GRI,RealtorŪ

Expertise

Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!

Experience

4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!

Organizations
NAR, CAR, WCR, ABR, e-Pro, GRI, BKBIA, CHNA,SSG

Publications
Broker Agent Magazine Long Beach Business Journal Long Beach Press Telegram Signal Hill Tribune Grunion Gazette All Experts Zillow - Lead Agent - Advise Expert Truila - Advise Expert

Education/Credentials
Broker-owner, RealtorŪ, GRI,e-Pro, SSG-Short Sale Certified

Awards and Honors
Managing Broker for MetroCal Brokers. We merged my old brokerage with MetroCal this year, and we look forward to expansion and growth moving forward. We currently employ 30 Realtors and growing. 15 years running top selling agent in Long Beach, South Bay area California. Top Producer 5 years straight Re/Max, C21, Realtyworld.

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upon request = or check out our website www.MetroCalBrokers.com and check the Testimonials section!

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