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About Bruce W. Tyler, EA
Expertise
I can answer anything with regard to the following: Preparation/Tax Law regarding Individual Income Tax (IRS and California), Audit Representation/IRS Procedures of personal and corporate income tax including appeals, IRS Collection procedures for individuals, partnerships and corporations, offers-in-compromise, payment plans, penalty abatement etc.

Experience
21 years in tax preparation and representation

Organizations
National Association of Enrolled Agents

Education/Credentials
4 years of accounting at Woodbury University/UCLA Extension

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Tax Law (Questions About Taxes) - first time homebuyers tax credit

Expert: Bruce W. Tyler, EA - 11/6/2009

Question
Hi Bruce, my wife and I purchased a house in June of 2008 and refinanced it in 2009; I have not owned a home in the last 3 years and she is a first time buyer, the home we bought belonged to her mother and we have lived in it since 2005. I keep hearing that you needed to purchase it after Jan. 2009 or have owned it for at least 5 years, does this mean that we have fallen through the crack because of our status...thank you Nick

Answer
Nick,

Help me here some -- you said you lived in the home since 2006 but bought it in 2008 -- is that correct? Were you renting it prior to that?

By the way, the 5 year rule you are mentioning is for homeowners that have lived in their current home for 5 out of the last 8 years for purposes of the $6,500 home buyers credit.

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