Do I qualify as first time home buyer?
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
March 21st, 2009 at 1:08 am
Peter
No! 1st time home buyer means just what it says!
March 23rd, 2009 at 6:19 pm
Esther
CONGRATS! You qualify!!
March 24th, 2009 at 3:23 am
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.
March 24th, 2009 at 9:55 pm
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.
March 25th, 2009 at 7:58 pm
Harold
Yes, as long as you are talking about closing dates you would qualify.
March 26th, 2009 at 1:57 am
Lonnie
Yes
March 26th, 2009 at 2:28 pm
Luis
yep!!!!!!!!! it’s been 3 years.