Legal Question in Real Estate Law in New Jersey

I've read that the new home tax credit is a tax credit that is equivalent to about 10% of a home's purchase price but is capped at $8,000.00. If this is true, does that mean that I have to buy a home that is at least $80,000.00 to receive the full $8,000.00 tax credit; or could I buy a home that is $8,000.00 and still receive the full tax credit? Also what if I buy a home that is just $5,000.00, which is less than the full tax credit; could I still receive the full tax credit and just pocket the difference?


Asked on 8/17/09, 3:12 am

1 Answer from Attorneys

Contrary to the saying, there ARE stupid questions. When was the last time you saw a home in NJ for sale for $5,000 or $8,000? If buying a home hinges on a $8,000 rebate, you have no business thinking about buying any realestate. Go back to reading comic books.

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Answered on 8/22/09, 1:15 pm


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