2010 Homebuyer Credit for current homeowners

[paganaurora]

My hubby and I are reading this differently (suprise )- Can anyone help?

 

Do you get the credit toward the purchase of a new home after the sale/pending of the home that you have lived in for 5 of the last 8 years OR is the credit for the existing home assuming you are not planning on moving/selling the home you have resided in the last 5 of 8 years? Prior to this article I was under the impression that the credit was to encourage current owners who were interested in selling to purchase new properties and receive a credit.

 

 

from USATODAY

Home buyer tax credit

 

Eligibility extended to those who already owned a house

 

This tax credit was originally intended for first-time home buyers, but that's no longer the case. Under legislation signed in November, two types of home buyers qualify for a tax credit on their 2009 returns:

 

•Home buyers who haven't owned a primary residence for three years prior to the purchase are eligible for a tax credit of up to $8,000. This credit is available for home buyers who purchased a home from Jan. 1, 2009, to April 30, 2010.

 

•Home buyers who have owned their primary residence for five consecutive years out of the last eight are eligible for a credit of up to $6,500. This credit is limited to homes purchased after Nov. 6 and on or before April 30, 2010.

[Seabee]

The intended or actual sale of the existing home has no impact on the credit.