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Richard V. Packard Case Summary

230 Words1 Pages
Mr. Packard and his wife bought a house in 2009 and applied for a $6,500 tax credit. Mr. Packard did not own a principal residence before, and Mrs. Packard owned and lived a principal residence in the past five year. Two policies can apply for the individual $6,500 tax credit: “first time buyer (§ 36(c)(1))” and “long-term resident exception (§ 36(c)(6))”. In other words, it means a person either first time purchased a principal residence, or owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period. Mr. Packard was qualified for “first time buyer” but not for “long-term resident exception”, and Mrs. Packard was qualified for “long-term resident exception” but not
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