THE REVISED HOME BUYER TAX CREDIT

WHO CAN CLAIM THE CREDIT

First time home buyers who purchase homes between November 7, 2009 and April 30, 2010 are eligible for the credit. To qualify as a “first-time home buyer,” the purchased or his/her spouse may not have owned a resident during the three years prior to the purchase.
For current homeowners purchasing a home during the same time frame, they are also eligible for a tax credit, so long as the home being sold or vacated was their principal residence for five consecutive years within the last either. To elaborate, it must be the same home; it is not enough that they have been homeowners for five consecutive years; they must have been in the same home for five consecutive years.
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