Maybe this link with Q & A's will help you and your client: http://tinyurl.com/5mmts9 Of course, they should also consult with their CPA/accountant.
An answer to your question is this: What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (â€œlong-time residentâ€) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.... more
I too share your views regarding the MLS. My Husband and I get a double dose of those MLS Fees, as we are both REALTORS. Only one of us logs on to the MLS. The other one never uses the MLS website, and does not even know how to use the token, yet we have to pay for two because our broker must make sure each of us are signed up and paid our fees for the MLS. I am not complaining about my broker, as she is just doing what the OKCMAR requires. It is really a catch 22, as a licensee we can sell property and all that that entails without being a member of OKCMAR, but we must be under a brokerage. Then in order for the broker to utilize the MLS all licensees are required to be members of MLS, even if one does not even utilize their membership. I whole heartly agree. i feel they should make some changes, especially relating to couples membership to the MLS system addressing the first three years of membership. Give us a break.... more