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Anne_C
Anne_C, Tax Attorney
Category: Tax
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Experience:  Attorney, JD awarded with Certification in Tax Law
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Long-term Homeowners Credit - question

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Home #1: 2001 - 2007, sold it and moved for job. Home #2: 2007 - 2009, sold it and moved again for job. Home #3 bought in Dec. 2009. All used as primary residences. QUESTION: Because I was in Home #1 for 5 out of the 8 years prior to Dec. 2009 purchase (Dec. 2001 - Dec. 2006), do I qualify for the credit, even though I had the short-term purchase in between? Thanks in advance for any help.

Yes, since you lived in a home for 5 of the 8 years before you purchased your December 2009 home, you qualify for the maximum $6,500 credit.

 

"A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you've lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009. "

 

Here is an IRS publication on the issue: http://www.irs.gov/pub/irs-pdf/p4819.pdf

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