Do I qualify for tax credit?

**brooksy** · 04-09-2009, 05:35 PM

Hi I sold my primary house in 2006 and have been renting since. I plan to retire in 3 years. My question is about the 8k tax credit.. I know it is for first time home owners but it has been 3 years since I sold my home. If I purchased another house in another State with the intention of living there in 3 years do I still qualify for the tax credit. Can I claim that as my primary residence? I do not intend to lease the property...Thanks for any information tht you can give me...

**gjtrafl** · 04-12-2009, 06:21 PM

The 3 year clock starts the day you sold your primary home. You cannot close on the next one until 3 full years have gone by. If your last home was an investment property, your clock is not impacted by that property. Changing states has no impact on anything.

Don't worry about your taxes.... If you have already filed, simply file an amendment to your taxes for 2008 OR simply wait and get your money next year when you file again.

Be sure you purchase within the window. The date ends at the end of November.

**jamesww** · 04-14-2009, 07:19 PM

This is a fine line type of question here and may be one that should be answered by a CPA or Lawyer. What I can say is that you must have residency in a state before you can claim that the home is your primary residence. If you want to work this out and keep yourself safe go contact a CPA or tax lawyer.