RE: Tax questions...anyone knowledgeable??
Here is some more information from a Yahoo story today:
Longtime homeowners who closed on a new home by September 30, 2010, are also eligible for a 10% tax credit, up to $6,500. They must have lived in the same principal residence for at least five consecutive years out of the past eight; the income-eligibility guidelines are the same as for first-time buyers. To claim either break, you must file Form 5405, "First-Time Homebuyer Credit and Repayment of the Credit," and attach a copy of your settlement statement or certificate of occupancy for a newly constructed home.
Longtime homeowners must also attach proof of five consecutive years of ownership, such as mortgage interest statements, property tax records or homeowners insurance. Because of the requirements for documentation, you can't file your tax return electronically if you claim the home buyer's credit. You'll need to mail your paper forms.
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