Primary Residence Content Index - Page 1

You can only have one primary residence at a time. Simply declaring to the world that your new home is actually your primary residence isn't quite enough. You actually have to live there for a majority of each year. In general, when you sell your home and it is your primary residence, you can exclude from federal income tax $250,000 (if you are single, or $500,000 if you are married) of the profits from the sale of the home. But you must have used the home as your primary residence for two out of the last five years. Learn more about what it means to have a primary residence.

**8000 Tax Credit First Time Home Buyer Rules For Buying With A Partner** Can you qualify for the 8000 tax credit for first time home buyers if you are buying a house with a partner? if you're not married you can probably still claim the first time home buyer tax credit on your tax return, even if your partner doesn't qualify for the first time home buyer tax credit. Ask a tax professional for help to make sure you maximize the benefits of the 8000 tax credit for first time home buyers. Also, when buying with a partner, it's usually for the best to draw up a partnership agreement about how the home will be purchased.

**$8000 Home Buyer Tax Credit Extension Causes Confusion Over Start Dates, Mobile Home Rules** The home buyer tax credit extension that opened up a home buyer tax credit to trade-up buyers, not just first time home buyers, has caused some confusion over the rules for the home buyer tax credit. The start date has been a big point of concern for the home buyer tax credit extension. Officially, home buyers must close after November 6 to qualify for the home buyer tax credit extension. RV and mobile homes have also caused some confusion. Read below for some of the IRS answers for the home buyer tax credit extension.

**Investment Property Short Sale Generates Phantom Income** When an investment property is sold as a short sale, it generates what is known as "phantom income." The IRS looks at the difference between what the property is worth and what your sold it for in the short sale as income. You should receive a 1099 for the phantom income generated by the short sale of the investment property.

Real Living and GMAC Real Estate hope to provide an even higher level of customer service. The real estate companies have announced a merger with plans to target a female audience and for an emphasis on customer service. Real Living and GMAC will rebrand under the Real Living name, with offices across the country. Real Living will focus on female customers, with a plans for an exceptional customer service experience. The Real Living, GMAC merger comes after Brookfield Residential Property Services acquired both GMAC and Real Living.

**Fannie Mae Deed For Lease Program Rules.** Fannie Mae announced an innovative program designed to help homeowners avoid foreclosure. Called Deed for Lease, the program allows struggling homeowners who are unable to qualify for a loan modification under the current Obama Loan Modification Plan to hand their keys over to Fannie Mae, but then rent back their house at current market rental rates. Here are the Deed for Lease program rules.

**The Fannie Mae Rental Program will allow homeowners to avoid foreclosure for a year.** This rental program or "Deed to Lease" program will allow homeowners who haven't qualified for a home loan modification or for the Making Home Affordable Act to avoid foreclosure for a year. The Fannie Mae Rental Program has specific criteria that the homeowners must qualify for, including they must live in the home as their primary residence and they can't be more than 12 months past due. Read the full article below fore more information on the Fannie Mae Rental Program.

**$8,000 First Time Home Buyer Tax Credit: Trying to Buy and Inherit a Home At The Same Time** The first time home buyer has all kinds of restrictions: income, how long you must live in the home, how long you couldn't have owned a home and who can sell you the home. There are even restrictions on whether you can qualify for the $8,000 first time home buyer tax credit if you plan to rent the home or receive the home by inheriting it.

**$8,000 First Time Home Buyer Tax Credit And Living Abroad** The first time home buyer has restrictions on income. The first time home buyer tax credit requires you to live in the home for 3 years. Also, you can't have owned a home for the last 36 months. In addition, the first time home buyer tax credit has restrictions on who can sell you the home. There are even restrictions on whether you can qualify for the $8,000 first time home buyer tax credit if you live abroad and want to buy a home and rent it. But really. If you plan on renting the home, you won't be a first time home buyer making use of the home as your primary residence.

**Second Home Loan Modification Is Denied By Lender** More and more people are finding that they have fallen into a trap. They bought a second home or moved to get a job and left their primary home, now when they call their lender to request a loan modification, the lender refuses to give them a loan modification because the home is no longer a primary residence. With that logic, the home will be lost to foreclosure and the lender may end up taking a bath on the loan. Wouldn't it be better for lenders to agree to a loan modification with a borrower looking to keep current with their payments than deny the loan modification on the second home and let the home go into foreclosure?

**$8,000 First Time Home Buyer Tax Credit and Nonresident Aliens** The $8,000 first time home buyer tax credit is quite popular these days and everybody that might qualify for it wants to qualify for it. But there are strict rules relating to who can qualify for the $8,000 first time home buyer tax credit. If you are a nonresident alien you do not qualify for the tax credit. But if you buy a home with someone who does qualify for the $8,000 first time home buyer tax credit, the nonresident alien won't get the benefit but the other person should get the benefit of the tax credit.