Longtime Homebuyer Tax Credit

Definition

A $6,500 federal income tax credit given by the IRS to homebuyers who had owned and lived in the same residence for 5 of the last 8 years before the purchase of their next home. To be eligible for the tax credit homebuyers were required to close on their new home prior to June 30, 2010. This was done in an effort to boost home sales.
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