Just a recap. I have spoken to several business partners recently still unclear on the details of the home buyer credit. This information comes directly for the IRS.
Who can claim the credit?
You purchased a main home located in the United States before May, 1st 2010. If you purchased you home after May 1st and before July 1, 2010, you entered into a binding contract prior to after May 1st, 2010
A first-time home-buyer, up to $8,000 ($4,000 if single or married filing separately). A first-time home-buyer is an individual (and that individuals spouse if married) who has not owned another main home during the 3-year period ending on the purchase date of the new main home.
A long-time resident, up to $6,500 ($3,250 if single or married filing separately). A long-time resident is an individual (and that individuals spouse if married) who has owned and used the same home as that individuals main home for any 5-consecutive-year period during the 8-year period ending on the purchase date of the new main home.
The IRS definition of a main home. Your main home is the one you live in most of the time. it can be a house, houseboat, house-trailer, cooperative apartment, condominium or other type of of residence.
You can access the IRS Form 4505 at http://www.irs.gov/pub/irs-pdf/f5405.pdf .
For more information contact:
Lee Barroll
First Community Mortgage, Inc.
8115 Isabella Lane, Suite 11
Brentwood, TN 37027
615-243-1301
lee.barroll@fcmhomeloans.com
http://www.leebarroll.com/
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