Legal Question in Real Estate Law in New Jersey

Though I currently reside in New Jersey, my question is in relation to any and/or all of the 50 states because I am open to relocating to any state where I can buy a home that would be affordable. 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? I know that it isn't realistic to buy a home in New Jersey for $8,000.00 or less, However; many other states are selling homes for that amount and less.

Asked on 8/23/09, 7:53 am

Gary Moore Gary Moore Attorney At Law

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The answer to your question appears to be a part of your question. Ten percentof $80,000.00

seems to be the important equation. The minimum purchase price appears to be $80,000.00.

Answered on 8/28/09, 6:49 pm

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