Just sent to me.
There has been some conflicting information about who is and isn’t eligible for the $6500 tax credit for individuals buying a home who are NOT first time homebuyers.
For the buyer to be eligible they must have owned their current home for 8 years, 5 of which it must have been their primary residence.
The new home they are purchasing must be their new primary residence.
They do not have to sell their current home; they CAN retain it or rent it out. Their new home, however, should be a buy up from their current home. If not, they should have STRONG compensating factors as to proof of their downsize, i.e. can’t sell home due to being upside down, have rental contract for current home, closer to work, etc……