Im a first time home buyer looking to pull trigger on first multifamily in Connecticut/NY area(Good luck to me ahaha)
Question- IF I use accelerated depreation and lower my AGI will I qualify for Biden's first time buyer house credit if it passes?
So the strategy would be to buy the multi first under a business and then immediately buy my personal first home. (I dont think the law has passed yet but assuming my AGI falls under the 150k for married and whatever other criteria considering local income etc.
Thanks for feedback!
So far its a bill but not a law and to be honest you would have to live in the house for (5) years without selling or refinancing the home? You might as well use your local County or Federal DPA program that will actually give you a down payment and assist in closing costs - rather than a tax credit (holding breath). You might want to just look into the CHFA and DAP programs in CT.
At least you can refinance out of an FHA to remove the MIP and still be good in that program. Which would essentially free up your first loan from FHA to CONV. to start all over again on another investment or primary.
Impossible to say as no such law currently exists....and is unlikely to exist anyways.
Thanks for the feedback!