Clarification On Home Buyers Tax Credit Rules
To Qualify:
1. Buy or enter into a binding contract to buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.
2. If purchased in 2010 you can file for the credit on your 2009 or 2010 return.
3. “Long Time Homeowners” who buy a replacement residence may claim a credit of up to $6,500. They must have lived in the same principal residence for any 5 consecutive year period during the eight year period that ended on the date the replacement home is purchased.
4. “First Time Homebuyer” is a taxpayer who has not owned and occupied another main home at any time during the three years beginning on the date of purchase.
Hopefully that will help straighten out the main concerns. Please ask if you need more details.
