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Fentoozler
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Discussion Starter · #1 ·
Anyone have a link to what the actual qualifications are to be eligible for the first time home buyers tax credit?


Hopefully something with .gov .....
 

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Maker of Fine Sawdust
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Fentoozler
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Discussion Starter · #5 ·
Can't have owned a home in the past three years. no link sorry
That's how I read it [from some ***** .com site]....but I wanted the actual verbiage.

Holy Cow. 1st time buyer, is it you? Or are you helping some one out.
Trying to help someone else out :thumbsup:

I've been in this particular shack for about 6 yrs now.
 

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Fentoozler
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Discussion Starter · #6 ·
http://www.federalhousingtaxcredit.com/2009/faq.php

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.
http://www.usnews.com/blogs/the-hom...e-home-buyer-tax-credit-6-things-to-know.html


What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

That's the language I wanted....still lacking a bit of "confirmation", though.


Good links..TY
 
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