Missy Caulk, a top Realtor in Ann Arbor, has heard from the legal adviser to the Michigan Association of Realtors and he seems to think so. This could be a windfall for many who are looking to get the tax credit but are not ready to buy a home yet.
Can buyers in Michigan who buy on a land contract claim the $8000.00 tax credit?
Because the Federal Legislation is silent on the issue, Greg McClelland, our legal council of the Mi Association of Realtors wrote an opinion on it.If you want the entire opinion, leave me a comment here and I will email it to you.
The bottom line is “there is no rational basis for treating land contract purchases differently than mortgagors for the purpose of the credit. via Missy Caulk at Ann Arbor Real Estate Talk.
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