The Government expanded the first time home buyer tax credit to include those the IRS describes as a long-time resident.
The expansion allows the qualifying long-time resident home buyer to receive up to $6,500 tax credit if they buy, are under contract to buy, a replacement home they will use as their principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. An additional qualification factor for the long-time residence is that they must have lived in the same principal residence for any five-consecutive-year period during the eight-year period.
If you own a home and are thinking about buying another home to use as your personal residence, give me a call to discuss the long-time residence tax credit.
Related Florida real estate blog posts on home buyer tax credit
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