Tax Credit Home Buyer
August 15th, 2009
Question: Will we have to pay back the New home Buyer Tax Credit if we get married?
My Girlfriend and I are both purchasing under the New Home Buyer Tax Credit this year. What happens if we get married in the next 2 years and both move into mine the larger of the two homes? Will we have to repay the 8000 because she did not stay in the home for 36 months? Also what happens if we get transferred do we both have to repay if we move?
Answer: If you get married and move in together, by definition, one of those houses is no longer a primary residence, triggering the requirement to repay the $8000.
If you move, then neither house qualifies and then both of you must repay the money.
Valley Home Values Plummet in 2009
2009 turned out to be a tough year for home values in the Valley. Merced’s home values dropped the most in the western U.S. since the housing boom, according to a recent report by Forbes.com. There, home values dropped by more than 60 percent since 2006. And Fresno comes in at number nine. In Fresno, values have decreased by nearly 40 percent.
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