Tax Foreclosed
September 2nd, 2006
Tax Foreclosed
Question: does buying a foreclosed home qualify you for the first time home buyer tax credit?
I am considering buying a foreclosed home from a local sheriff's auction. This would be my first time buying a home. I am wondering if the first time home buyers tax credit would still apply to me even though I am buying a foreclosed home. Thanks for any help!
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Answer: Yes, if it is your main home and you actually MOVE IN!
Tax Relief for Foreclosed Homeowners - IRS Cancellation of Debt Income
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