You may have heard about the First Time Home Buyer Tax Credit extension but have you heard that if you lived in your principal residence for five out of the past eight years and purchase your next principal residence from December 1, 2009 - April 30, 2010 you may qualify for a $6,500.
If you are thinking about retirement or just moving to the Myrtle Beach area now is the time. If retirement is on your mind do not be concerned when you look up retirement communities and you only see a few. There are hundreds of homes available in communities that are primarily filled with those fifty years old and up.
Buying a home now for your retirement in a few years could be the answer to your savings sitting in a bank earning very low interest. Home prices are low and even if you can't afford to pay cash a mortgage can be affordable with today's low rates. IRS allows you to claim mortgage interest and property tax payments for up to three homes by simply putting the total combined amount paid on your Itemized Deduction form.
I had asked the question yesterday and have not had the time to research it yet --- would the homeowner have to sell the house they have lived in for at least five years to get the $6500 or could they rent it and buy another? Thanks for sharing - a good post!
I sent you an email about what is stated on the IRS.gov site. It does not specifically say sell the existing home.