Long Time Homebuyer Credit 2010 -

: They had to prove they owned and used the same home as their principal residence for any consecutive 5-year period during the 8 years leading up to their new purchase.

: The IRS required every claimant to file a paper return and attach Form 5405 along with a settlement statement to prevent fraud. long time homebuyer credit 2010

: Their joint modified adjusted gross income (MAGI) had to be below $225,000 to receive the full credit. The Benefit and the Paperwork : They had to prove they owned and

Imagine a couple in early 2010 who had lived in their starter home for six years. They were ready for more space but hesitant to buy while the market was so volatile. The new law offered them a —a "step-up" incentive that previously only applied to first-time buyers. To qualify, they had to navigate strict federal rules: The Benefit and the Paperwork Imagine a couple