$6,500 Home Buyer Tax Credit?

Question

In June 2009, I sold my house that I owned for 6 years. I've been renting ever since because my new home will not be finished until Feb 2010. Am I eligible for for the $6,500 home buyer tax credit?

Additional Details

I forgot to mention that we refinanced 4 years ago. Does that count as "buying" a home?

Answer 1

Best Answer - Chosen by Voters

You qualify for the $6,500 having owned and lived in a home for at least 5 consecutive years out of the last 8 years. You would not qualify for the $8,000 as indicated in a previous answer, because a first-time buyer is defined as someone who has not OWNED a home in the last 3 years, regardless of when it was purchased. You were a homeowner as recently as a few months ago.

Source(s):

online research

Answer 2

The wording released by the IRS states you must have lived in your home for a consecutive 5 out of the last 8 years. There is no requirement that says that you must be living in the home now. As always, you will want to check with your tax professional, but you will qualify for the tax credit based on the info you have given.

Answer 3

Actually, you're eligible for the $8,000 tax credit. A first time homebuyer is someone who has not purchased a home within the last 5 years. Since your last purchase was over 6 years ago, you qualify as a first time homebuyer and are eligible for the $8,000 tax credit.

Answer 4

As long as you have a firm commitment to purchase by April 30, 2010 and occupy the home by June 30, 2010, you would qualify. Since you'll be moving in in Feb (OK, more likely March knowing builders as I do) you'll be good to go for the $6,500 credit.

The 2nd response is incorrect. To qualify for the $8,000 credit you must not have owned or lived in your main home at ANY time in the 3 full years prior to buying the new home. Since you moved out and sold it less than 3 years ago, you are not eligible for the $8,000 credit. (When you bought your prior home is irrelevant, when you lived in it is what matters.)