Would anyone like some information about the $6,500.00 or $8,000.00 Tax Credit

  • December 08 2009 - Fishers
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Answers (2)

Profile picture for sunnyview
I am not a tax professional, but I would say no you would not qualify because you bought your new home before you had 5 consecutive years of residence in your other primary home. The IRS has a page here that addresses your question. 

They say "the new law also provides a "long-time resident" credit of up to $6,500 to others who do not qualify as "first-time homebuyers." To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence."

You can always call the IRS helpline 800-829-1040 and get a 100% answer for free. The holidays are a great time to call them since no one is filing taxes yet. Hope the link helps.
  • December 22 2009
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Profile picture for GVMO2009
I have yet to have my questions answered concretely.  Let me describe my situation and maybe you can determine whether I would qualify for the $6500 tax credit. 

I am a repeat home buyer with less than $100,000 household income on a jointly-filed income tax return and am now trying to sell my first home (home #1).  I closed on home #1 on Jan. 25th, 2005, so my 5-yr anniversary in home #1 will be Jan. 25th, 2010.  I closed on a new home (home #2) on Dec. 18, 2009.  If I sell and close on home #1 after Jan. 25th, 2010 will I qualify for the $6500 tax credit?
  • December 22 2009
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