With the 6,500 real estae tax credit, do I have to sell my residence? Can I just rent it out?

Answer 1

You must also qualify under the income and residence rules.
Under the terms of the legislation, current homeowners must have lived in their home for five consecutive years over the previous eight to be eligible. Qualified home buyers can obtain the credit on homes purchased between Nov. 7 and the end of April 2010. That means they need a signed sales contract on a home before May 1, 2010, but they have until the end of June to close the sale. The income limits for current homeowners are the same as those for first-time home buyers.

Source(s):

Realtor

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Answer 2

No. You must sell your current residence and purchase a new residence prior to June 30th. 2010.

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Answer 3

You do not have to sell it.
Yes, you can rent it out.

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