Posts Tagged ‘tax incentive for buying’

With all the talk of the $8,000 tax credit for home buyers, not much is said about duplexes.  Does the $8k apply in full if the buyer owner occupies their duplex?  Or does it only apply by half at $4,000?  I checked with my CPA and the tax credit is based on 10% of the purchase price.  So if one half of a duplex exceeds $80k, then the buyer should qualify for the entire credit based on the total purchase.    Or another way is to figure % owner occupied based on total square feet and apply that 10% formula to the purchase price.

By the way, the tax credit for buying expires November 30, 2009.

Hong Lee/Duplex Dianne Team


Read Full Post »