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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I purchased a home in Nov 2004 as a co-applicant when I was

Customer Question

I purchased a home in Nov 2004 as a co-applicant when I was married. I sold that home in Aug 2009 I am currently in the process of buying a home with an anticipated closing date of 30 Dec 2009. Do I qualify for the $6500 tax refund.
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Hello kma,


Unfortunately you missed the qualification for this credit by 3 months.


In order to claim the repeat home buyer credit, you must have owned a primary home that you lived in for at least 5 consecutive years of the last 8 years. Since you only owned this home for 4 years and 9 months before selling it, you would not qualify for the repeat home buyers credit of $6,500.


Sorry I could not give you better news, but of course no one knew until recently that this credit would become available.



Thank you kma



Customer: replied 7 years ago.
I recived your answer no to my liking is there some type of clause for the new tax refund because I am active duty military.
Expert:  Merlo replied 7 years ago.

Hello again kma,


Yes, I can understand why you would be frustrated with this, but unfortunately there's not much I can do except to tell you what the requirements are.


As far as active duty military, there is one exception allowed for military members who were stationed overseas, but it has nothing to do with changing the 5 year residency requirement. The exception allows active duty military members who were stationed overseas one additional year to complete the purchase of the new home. In other words they have until June 30, 2011 to purchase a home and still qualify for the credit, rather than having to complete the purchase by June 30, 2010. But the 5 year residency still must be met.



Thank you kma, and let me know if you have more questions. I am happy to help you with whatever I can. If I could change the tax laws, I would certainly do so, but unfortunately that is out of my control.