Do you Qualify for a Home Buyer Credit? Case 1

Maruyama Realty, LLC would like to share this article written by Rodney Saito, CPA:

Do You Qualify for theHome Buyer Credit?
By Rodney Saito, CPA

Potential buyers should be aware of the following cases among others where buyers would not qualify for the homebuyer credit.

CASE 1:

Q. I am a long-time resident (have owned and used my current home as a principal residence for five consecutive years out of the eight-year period ending on the date of purchase of the new
residence) but my spouse has lived there for only three years. Can we qualify for the long-time resident homebuyer credit if we purchase a new principal residence?

A. No. Both spouses must have ownedand used the same previous principal residence for five consecutive years out of the 8-year period ending on the date of purchase of the new principal residence to qualify for the credit. (12/14/09)

(Disclaimer-The above cases are an excerpt from an IRS statement upgraded on
1/10/10 for general information only. Before making any decision regarding homebuyer credit,
you should consult with a qualified advisor. Rodney Saito is a Certified Public Accountant with
Freitas & Saito, LLP and he can be reached at 5640110 or at rodney.saito@fscpas.biz.)