Who is eligible to claim the $6,500 tax credit?
A. Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit. A “move-up” home buyer (or “long-time resident”) is 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. “Repeat” home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
