2010: Long Time Homebuyer Credit

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

: 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. long time homebuyer credit 2010

: The credit was only available for homes priced under $800,000 . : The IRS required every claimant to file

: Their joint modified adjusted gross income (MAGI) had to be below $225,000 to receive the full credit. The Benefit and the Paperwork long time homebuyer credit 2010

Here is a look at how this credit worked through a typical scenario of the time. The "Step-Up" Story: Meeting the Deadlines