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You may qualify as a First Time Home buyer even if this is the second time you have purchased a home in your lifetime.
For the purpose of this First time Homebuyer tax credit, a first-time homebuyer is defined as someone who has not owned a primary residence in the three-year period ending on the date of purchasing the home. So if it was 3 years since you owned the previous home the First time Homebuyer Credit would help you. For Jan - Nov 2009: up to $8,000 (10% of purchase price) and, the credit does not need to be paid back.
If you do not meet the timeframe between owning the first and replacement home then the next credit may be for you.
The Long term Resident Home Credit;
People who already own a home can qualify for the tax credit if they buy another home. To qualify, individuals needs to have owned and lived in their residence for at least five consecutive years in the eight-year period that ends on the purchase date of the new property.
Long-term residents purchasing a new home have a lower maximum credit of $6,500.
The credit has a very limited life-span. Individuals will need to purchase a residence after April 9, 2008, and before May 1, 2010. Qualified servicemembers must purchase a residence before May 1, 2011. A primary residence is a residence in which an individual lives most of the time. A primary residence can be a house, condominium, co-operative apartment, houseboat, or mobile home.
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