A friend of mine shared a link that answers some of the most common questions about the expanded homebuyer tax credit for people who already own. Because – naturally – the fed bill is clear as mud, I’ll take any help I can get to keep it simple.
The biggest question I get is what if someone sold their house a year or two ago. Would they still be eligible for the $6500 tax credit? The answer is they COULD be eligible in certain situations. They had to have owned a house for at least five consecutive years in the past eight years. According to the National Association of Realtors,
The keyword here is “consecutive.” As long as someone lives in a house for 5 years straight, what they do in the other three years does not impact eligibility.
I put that as a quote, but did misquote to make it “someone” rather than a specific person. Still, you get the meaning. Right now I’m crossing my fingers for my sister. She’s a widow and had sold the home she and her husband lived in several years ago to buy a new one. She just sold the second one in order to start a new life in a new city. Now I’m trying to find out how long ago she bought the new house and am hoping she only lived in it for two or three years so her eligibility is intact should she buy a townhome.
Crossing fingers, crossing toes.
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