Do you Qualify for a Home Buyer Credit? Case 3

Maruyama Realty LLC would like to share the following article by Rodney Saito, CPA:

Case 3
Q. I am a long-time homeowner of a principal residence and my spouse is a long-time homeowner of a different principal residence. Can we qualify for the long-time resident homebuyer credit if we purchase a new principal residence?
A. No. Both spouses must have owned and used the same previous principal residence for five consecutive years out of the eight-year period ending on the date of purchase of the new
principal residence to be eligible for the credit. Since you and your spouse owned and used
different principal residences, neither of you qualify. (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.)