$8000 Tax Credit

[rawlingsHOH]

Do I qualify?

I previously owned a home, and within the past three years (sold Oct 2007), BUT... I have not lived there in over four years (July 2005). Rented it between the two dates.

The verbage states... "Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit."

Did I own a "principal residence" in the previous three years?

[NormanPride]

Dude I have no idea what you're talking about.

[goingoneight]

I'd like a little details on the subject too. As in personal experience. Anyone else know what it takes to qualify, have you qualified for it, etc?

I'm considering buying a house, FWIW.

[rawlingsHOH]

Dude I have no idea what you're talking about.

First-time home buyers credit.

[NormanPride]

If it's a first time home buyers credit, why do you think it applies if you've already owned a home? Or would this be retroactive?

[bringit]

I would think you would qualify if you can prove rental income (schedule E) on tax returns and that the rental home does not have a homestead exemption for reduced taxes.

[85Sooner]

I think the most for previous owners is 6500.00

[rawlingsHOH]

I think the most for previous owners is 6500.00

I don't qualify for the 6500 because I didn't own for 5 years.

[Boomer.....]

I'm in the same boat. Owned the previous house for 3 years and the one before that for 4 years. We are building a house now but I don't think Obama is gonna hook me up.