April 15th, 2010 
lia If you mind to living in the new home, you would qualify as “first time homebuyers”. As a first time homebuyers you need to know more information and the things that contain it. People taking the tax credit, as under the old law, are not allowed to buy a home from a lineal ancestor or descendent. The new law says a person may not take a credit if the home is purchased from a spouse or the spouse’s lineal relatives.
For you the homeowners who have lived in a current home consecutively for five of the past 8 years can receive up to a $6,500 tax credit. With eligibility must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. In addition, you need to know about the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” There is now a tax credit for repeat buyers as well as for first-time buyers. Taxpayers who have lived in one residence for five consecutive years of the past eight can now qualify for a tax credit of as much as 10% of the purchase price, up to a maximum $6,500, of a new principal residence. The new home does not have to cost more than the old one.
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