Did you know that if you buy a home in San Diego, California, you could be eligible for an $6,500 tax credit? That’s right, $6,500 and it’s a credit, not a write-off. What this means to you is that if you field your taxes and were expecting a $2,000 refund from the IRS, you would now be receiving a $8,500 refund as a result of this credit.
You may have heard about the $8,000 first-time homebuyer tax credit in San Diego and been saddened when you heard that this credit was only for first-time homebuyers. Now your in luck as theIRS has shown a little love to long-time resident homebuyers as well in the form of a $6,500 tax credit.
You may be asking yourself, “What is the definition of a Long-Time Resident Homebuyer?”. According to the IRS.Gov:
“To be considered a long-time resident homebuyer you and your spouse – if you are married – must have lived in the same principal residence for any consecutive five-year period during the eight-year period that ended on the date the new home is purchased. Additionally, your settlement date must be after November 6, 2009.”
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