Here's is what the IRS website says...
A first-time buyer is anyone who has not owned a home for the past three years
â€“ Income limits (for homes purchased after Nov. 6, 2009):
â€¢Single filers $125,000
â€¢Joint filers $225,000
â€¢Partial credits may be available above these income limits
â€“ Home purchase price cannot exceed $800,000
You can always find answers to tax questions at http://www.irs.gov
Here is some more information that may be helpful to you http://www.vgrouphomes.com/atj/user/AdditionalGetAction.do?p
John & Sarena Villaescusa
Keller Williams Realty
The law requires that the home you purchase & claim the tax credit on must be your principal residence. As long as the renters are out & you are now living there, I don't think you will have any problem claiming the credit. I would recommend verifying with your tax preparer or CPA to be sure.
You can find more information on the credit here: http://www.federalhousingtaxcredit.com/faq1.php#2
Hope this helps.. Good luck!
Coldwell Banker Residential Brokerage
Web Reference: http://www.jbknowsthevalley.com
It appears that you may be eligible for the Owner Tax Credit of up to $6500 if you buy to occupy the property. However, there are requirements that you will have to meet. The best thing is to consult with a CPA or Tax Consultant to be sure.