We agree with all the preceding responses. Experience tells us that whenever with all home purchases there are nuances in the tax law and you should engage a qualified accountant to clarify the qualification rules for the homebuyer tax credit. Looking over the revised Form 5405 from the IRS, there are new general instructions and a very detailed overview of the amount of the credit, who is eligible and who is not. Here is a direct link to the form:
Hope this helps, and please call us if you have further questions or if you would like us to help you find a home.
Bonnie Chernin & David Rogoff
Coldwell Banker Mid Plaza Real Estate