What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
Related Questions
- If a Move-Up Home Buyer entered into an agreement to buy a home prior to the new stimulus but has not yet closed on the new home, were they eligible for the $6500 tax credit?
- What is the First Step programs definition of a first-time home buyer?
- What is the definition of a move-up or repeat home buyer?
