In most cases, affected taxpayers need to fill out and attach Schedule B to their tax return.

And it doesn't really cost the taxpayers as much money as they're putting out because the principal is getting returned to the taxpayer when that buyer sells the home.What I really like is that its only for first time home buyers and only for new construction. 

Particularly be sure to include your goals for real estate investing so that folks can help you. 2) Follow your favorite forum topics and set up keyword alerts!

Best way locally is to get hooked up with an agent who can set you up with auto alerts from the MLS so you'll be notified as soon as something hits.

Get pre-approved for a loan, set up alerts, and assess older properties.

Make sure you do a lot of searches of these forums and set up keyword alerts etc

The best tools to take advantage of as a new member are the keyword alerts and local meetups.They help you find the right discussions and connect, in real time, with like-minded folks in your market.All the best to you!

Anyway I happen to have a forum alert set for “Spain” and this post popped up in my radar!

But if you lived in the property for 2 of the last 5 years, you should be good to do the section 121 exclusion - but realize that is $250,000 per tax payer.  

Deductions are a matter of legislative grace and the taxpayer bears the burden of proof, both of production and persuasion.