In May, I wrote a post on the use of Land Contracts in Michigan being acceptable for claiming the $8000.00 tax credit. In the course of writing that post I was contacted by Ed Sackley, a Representative for U. S. Congressman Fred Upton.(US Michigan 6th District)
The opinion was written by Greg McClelland, Michigan Association of Realtors (MAR)legal counsel. I sent the opinion off to him.
They took it a step further and contacted the U. S. Dept. of the Treasury to confirm that this was indeed true. Ed was kind enough to forward me the letter and said I could inform my blogging buddies.
In my post because the legal opionion was so lengthy I asked people to email me if they wanted me to send it. WOW the response was unexpected. In sending it out to over 50 people who read my blog, I always told them this is based on Michigan Law and Statutes. I am not an attorney and you need to check with an attorney in your particular state.
I am posting the letter here, and recommending the same thing. Michigan law may not apply to your state in dealing with land contracts. However, here is the law from the IRS concerning the up to $8000.00 tax credit being used for 1st time homebuyers when purchasing via land contracts.
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