First home becomes second home. FTHB?

[Possi]

Long time owners are buying a new home and will keep their present home as a second home.

I don't see that they are DISqualified for the FTHB credit (for long term owners) just because they are not selling their first home.

Am I right? Do they qualify?

[Gene V]

From IRS Q&A

Long time owners are buying a new home and will keep their present home as a second home.

I don't see that they are DISqualified for the FTHB credit (for long term owners) just because they are not selling their first home.

Am I right? Do they qualify?

Q. I’m already a homeowner. If I buy another home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the homebuyer tax credit?

A. No. If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009. (11/17/09)

[Possi]

Thanks, Gene

I read the instructions and didn't know there was a Q&A. I posted another question in the next post on FTHB. I'll look for the Q&A on the IRS website as well.

Gracias, amigo!