Your Tax Question - 032

Dear John, I've heard that the First-Time Homebuyers Credit now applies to those of us that recently bought a house but are not actually a First-Time Homebuyer. Is this true? Hank
---
Hi Hank,

The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase. The Maximum credit remains at $8,000.

Additionally, this law provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.

Thanks for the question,
John

PS. April 15th is getting closer - email me.