Can the $8000.00 first time buyer credit work with contract sales/articles of agreement for deed?

In Selling Property - Asked by alma k. - May 22, 2009
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Tai L.
San Diego, CA

I'm not sure, but this is what I know:
You are not eligible for the credit if... (Coldwell Banker Article)
• If your income exceeds the phase-out range. This means joint filers with Modified Adjusted Gross Income (MAGI) of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
• You may not buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
• Vacation homes and rental properties are not eligible
• If you stop using your home as your main home.
• If you sell your home before the end of three years.
• If you are a nonresident alien you are not eligible
Let me know if this helps.

May 22, 2009
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Gregory G.
San Francisco, CA

If I'm understanding your question correctly... yes.

Aug 14, 2009
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