tangting_01 asked:
I sold my old place on 5/17/06 and bought a new one this year on 5/23/09.
Do I qualify as first time home buyer since I didn’t own a house for 3 years?
Javier
I sold my old place on 5/17/06 and bought a new one this year on 5/23/09.
Do I qualify as first time home buyer since I didn’t own a house for 3 years?
Javier
Peter
No! 1st time home buyer means just what it says!
Comment by Common Sense-try it! — March 21, 2009 @ 1:08 am
Esther
CONGRATS! You qualify!!
Comment by Ryan M — March 23, 2009 @ 6:19 pm
Curtis
It looks like you qualify as long as your spouse hasn’t owned a house in the last 3 years.
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.
Comment by burger — March 24, 2009 @ 3:23 am
Alvin
Yes.
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.
Comment by jmac — March 24, 2009 @ 9:55 pm
Harold
Yes, as long as you are talking about closing dates you would qualify.
Comment by Landlord — March 25, 2009 @ 7:58 pm
Lonnie
Yes
Comment by Realtoratheart — March 26, 2009 @ 1:57 am
Luis
yep!!!!!!!!! it’s been 3 years.
Comment by real estate guy — March 26, 2009 @ 2:28 pm