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First-time homebuyer credit for Long-time resident

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    First-time homebuyer credit for Long-time resident

    A client have been living in one unit in a 4 unit property & maintained it for 5-consecutive year period during the 8-year period. Then purchased a new 3 unit property and lives in one unit of that as a principal residence.
    Can he be eligible for the first-time homebuyer credit for Long-time resident?

    #2
    Originally posted by jmc View Post
    A client have been living in one unit in a 4 unit property & maintained it for 5-consecutive year period during the 8-year period. Then purchased a new 3 unit property and lives in one unit of that as a principal residence.
    Can he be eligible for the first-time homebuyer credit for Long-time resident?
    Sure; pro rated of course as to relative square footage if all units not same size.
    ChEAr$,
    Harlan Lunsford, EA n LA

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