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TAX credit

Is it true that if  I sell my home that I have owned for 30yrs and purchase a new home. ( since I no longer own a home and have not purchased one for more then 3yrs) 

  then, we would quailfy for the $8,000 credit? 
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August 30 2009 - Edinburg
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Answers (5)

Here's the direct quote from the IRS. i was on a different computer last night (damnable laptop died on me) and didn't have the bookmark on that computer.

S3. A taxpayer owned her principal residence. Several years ago,she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?

A. A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years.

http://www.irs.gov/newsroom/article/0,,id=206294,00.html
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September 01 2009
Profile picture for Mr Caveat
from a legal standpoint a lease is a legal "interest" in a property... it does not have anything to do with ownership however.
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September 01 2009
Is the home you currently own your primary residence or do you live elsewhere in a rented property that you do not own and you rent the home you own to someone else?

If the home you own is not your primary residence and you own no other home that acts as your primary residence (you would have to be living elsewhere in a rental property that you do not own or have an interest in) you would qualify as a first time homebuyer.

If you're living in manufactured housing that you own, the IRS will consider this as your primary residence and you would not qualify for the program.

If at any time you have used this home as your primary residence (even one day) in the last three years, you would be disqualified from the program. I would recommend proof like checks to a landlord for 3 consecutive years in case the IRS questions your eligibility.

Naima is simply incorrect. It's possible for someone to own a rental property that they do not live in and they are not living in a home they own. Because they have no primary residence that they own, it's possible for you to own a home and still not be considered a homeowner.
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August 31 2009
No, that is not true. 

The rule is that you should not have had ANY interest in any real estate for the last 3 years.

Naima
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August 31 2009
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You have to have not owned one for 3 years.
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August 30 2009
 
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