Long-time Residents gets reduced home buying credit
Current homeowners may now capture the benefits of The Housing Act by purchasing a new home!
Effective for purchases after 11/06/2009, an individual (and spouse) who has maintained the same principal residence for any 5-consecutive year period during the 8-year period ending on the date of the purchase of a new principal residence is treated as a First Time Home Buyer. The maximum credit allowed is lesser of 10% of the purchase price of the home, or $6,500.
This law does not say the old home must be sold, as long as the taxpayer purchases a new home and uses it as a principal residence during the qualifying period.
