Real estate matters: Clarifying long-term homeowner tax credit eligibility

I meet all the criteria; however, in my case I owned and lived in a home from September 2005 until December 2009 (52 months). It isn't quite 60 months but I did live there for five consecutive years. I have all the documentation to show that I was in the home during a five-consecutive-year period but I want to see something in writing, from the IRS, that states "60 months."

It seems cut and dry (one year equals 12 months), but the way the rules are worded it leaves room for interpretation. Form 5405 doesn't ask for specific months -- it just asks "were you present during the five-consecutive-year period?" That leads me to believe I could be eligible.

A: The 60-month figure that I cited is from a tax expert I spoke with about the $6,500 tax credit. According to CCH, a publisher of tax information, the five-year period is supposed to be five complete years. Five complete years is 60 months.

However, if you look at the revised Form 5405, this is what it says in Part II, Question 3: "A long-time resident, enter $6,500 ($3,250 if married filing separately). A long-time resident is an individual (and that individual's spouse if married) who has owned and used the same home as that individual's main home for any 5-consecutive-year period during the 8-year period ending on the purchase date of the new main home and meets other requirements discussed in the instructions. See instructions for documentation to be attached."

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Why Isnt Everyone Refinancing Their Mortgage Now? FreeRateUpdate.com
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEmREjYVpo18daf2AgUnFVL_gOY1Qamp;url=http://www.smh.com.au/money/investing/smart-ways-to-buy-and-finance-property-20100907-14yib.htmlimg src=http://nt3.ggpht.com/news/tbn/B7sAGqRueVPaHM/6.jpg alt= border=1 width=80 height=80 /br /font size=-2Sydney Morning Herald/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNG1Btafx9G8rxgci0sqS3LdJmFNvAamp;url=http://www.freerateupdate.com/mortgage-refinance/why-isnt-everyone-refinancing-their-mortgage-now-6175bWhy Isn#39;t Everyone Refinancing Their Mortgage Now?/b/abr /font size=-1bfont color=#6f6f6fFreeRateUpdate.com/font/b/fontbr /font size=-1b/b hazard insurance between 300 and 600 dollars; any legal fees between 75 and 200 dollars; title search and btitle insurance/b costs between 450 and 600 b/b/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEDDsS2JPDNKGXAATDwnaSdcCIJ9Aamp;url=http://www.americanbankingnews.com/2010/09/07/final-%25E2%2580%259Cfix-your-mortgage%25E2%2580%259D-free-foreclosure-prevention-event-in-2010-happening-on-chicago%25E2%2580%2599s-west-side-oct-16-at-westinghouse-college-prep/Final “Fix Your Mortgage,” FREE Foreclosure-Prevention Event in 2010 Happening b/b/afont size=-1 color=#6f6f6fnobrAmerican Banking News/nobr/font/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dMc_dvwGhi4Vm1Mc91GrtumeF6WCMnobrball 392 news articlesnbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Pa. and NJ are in the top 10 of closing costs, a survey says. Philadelphia Inquirer
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEmbHH9mqL3bbXcg47ZtlfMgW74Ngamp;url=http://www.philly.com/inquirer/business/20100903_Pa__and_N_J__are_in_the_top_10_of_closing_costs__a_survey_says_.htmlbPa. and NJ are in the top 10 of closing costs, a survey says./b/abr /font size=-1bfont color=#6f6f6fPhiladelphia Inquirer/font/b/fontbr /font size=-1quot;I#39;ve come away from these closing-cost studies with one firm notion: that btitle insurance/b is much too expensive in many parts of the country,quot; he said. b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dqyplMYMI1rGbIMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Dont tap retirement fund to pay off mortgage MarketWatch
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNH1mOucTpk2YwGzLJHptMlkY_AQkwamp;url=http://www.marketwatch.com/story/dont-tap-retirement-fund-to-pay-off-mortgage-2010-09-03?reflink%3DMW_news_stmpbDon#39;t tap retirement fund to pay off mortgage/b/abr /font size=-1bfont color=#6f6f6fMarketWatch/font/b/fontbr /font size=-1Question: I recently had a problem with a btitle insurance/b company regarding a change in my ownership of a property from joint tenancy to a trust. b/b/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGRf7kLnCBXXValr4A6e1weoWtE-Qamp;url=http://www.marketwatch.com/story/dont-tap-retirement-fund-to-pay-off-mortgage-2010-09-03Don#39;t tap your retirement fund to pay off a mortgage/afont size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=d-4yfVbTaJvD2cM9Cjmq0OFqA35iMnobrball 3 news articlesnbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Home loan refinancing is booming as rates fall; wary homeowners stay put Plain Dealer
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNHh8WzoHPTZR7s5N5DeUIvwrrRQDwamp;url=http://www.cleveland.com/business/index.ssf/2010/08/home_loan_refinancing_is_booming_as_rates_fall_wary_homeowners_stay_put.htmlimg src=http://nt3.ggpht.com/news/tbn/y5247VrHtZ2cqM/6.jpg alt= border=1 width=80 height=80 /br /font size=-2Plain Dealer/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNHh8WzoHPTZR7s5N5DeUIvwrrRQDwamp;url=http://www.cleveland.com/business/index.ssf/2010/08/home_loan_refinancing_is_booming_as_rates_fall_wary_homeowners_stay_put.htmlbHome loan refinancing is booming as rates fall; wary bhomeowners/b stay put/b/abr /font size=-1bfont color=#6f6f6fPlain Dealer/font/b/fontbr /font size=-1Check into refinance closing cost discounts, such as for btitle insurance/b. • Find out whether your lender gives interest rate discounts for automatic b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dxKVaHD8bcbXQlMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

4 ways to save on title insurance Bankrate.com
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNENOM75VBgHWblD1O7mmy71BZdwpgamp;url=http://www.bankrate.com/finance/insurance/4-ways-to-save-on-title-insurance-1.aspximg src=http://nt2.ggpht.com/news/tbn/Ul4IMDz181iVQM/6.jpg alt= border=1 width=80 height=80 /br /font size=-2Bankrate.com/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNENOM75VBgHWblD1O7mmy71BZdwpgamp;url=http://www.bankrate.com/finance/insurance/4-ways-to-save-on-title-insurance-1.aspxb4 ways to save on btitle insurance/b/b/abr /font size=-1bfont color=#6f6f6fBankrate.com/font/b/fontbr /font size=-1In several states, binsurance/b providers are allowed to set their own rates, which means the binsurance/b premiums can vary widely. But bhomeowners/b won#39;t know b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dqGtsrY2BLL5leMnobrb/b/nobr/a/font/div/font/td/tr/table