Homebuyer Credit Chart

[Bees Knees]

I think it fits the "Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years" requirement.

The Joint Committee wording says:

An individual (and, if married, the individual’s spouse) who has maintained the same principal residence for any five-consecutive year period during the eight-year period ending on the date of the purchase of a subsequent principal residence is treated as a first-time homebuyer.

The law itself says:

`(6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL
RESIDENCE- In the case of an individual (and, if married, such
individual's spouse) who has owned and used the same residence as
such individual's principal residence for any 5-consecutive-year period
during the 8-year period ending on the date of the purchase of a
subsequent principal residence, such individual shall be treated as a first
-time homebuyer for purposes of this section with respect to the
purchase of such subsequent residence.'.

Sorry, the taxpayer has to have owned the old home, not merely rented it.

[MariaR08]

I agree with Bees Knees. The purpose of the provisions is to assist a "repeat buyer" who has owned & lived in their current principal home those 5yrs..not rented and then owned to complete the 5yrs.

maria
posted wirelessly

[taxcraft]

Love ya

I went ahead and downloaded those charts. For my personal use... I wanted just a 1 pg. document I could easily glance at so I went ahead and rearranged everything. It's uploaded on my site so feel free to download my "rearranged" version.

http://www.reyestaxes.com/uploads/FTHBCreditComparisonChart.pdf

~Maria

Maria, you are one of those people in every occupation who knows how to improve the quality of life for others. Hats off to you. I'll keep an eye out for your future posts.