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First Time Home Buyers Receive $7500 Tax Credit

This week is exciting for first time home buyers. Any home buyer who has not owned a home in the past three years may be eligible for a tax credit of $7500 if they purchase a home before July 1, 2009. Check with your Realtor to see if you qualifiy. Contact me and I'll send you the link to the full article.

Posted: Thursday, August 07, 2008 1:15 PM by Anita Millar, GRI

Comments

Lee Wensole said:

I bought my home 15 years ago, and still own it, I married 10 years after buying my home, but my wife has never bought a home. Would she qualify as a first time buyer, it would be for a second home in Florida.

Answer:

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. 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.

# December 2, 2008 1:44 PM
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