According to the IRS, a taxpayer who has owned rental property for the past three years may qualify for the credit.  That person may not have lived and used the home as a primary residence for the past three years.

So, for those who have rental properties but do not live in a house you own and have been wishing you could take advantage of the first time buyers’ tax credit, you just may be able to do so.

The tax credit is available to qualified taxpayers who close on their new home by November 30, 2009.

For more information on the tax credit see $8,000 first time buyers’ credit.

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. Costa Mesa Real Estate Minute June 13, 2009 – Mesa Verde Costa Mesa Market Report.