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Would I be considered a first time home buyer and qualify for the $8000 tax credit if I purchase a home? I would keep the home my parents gifted to me and rent it out and I would live in the new home.
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To be considered a first time homebuyer you can't have been on title as owner to any other property within the past three years of the new purchase, so no you would not be considered a first time homebuyer for the tax credit, even if the property was a gift - if you're the owner of record on title you wouldn't be eligble for the tax credit... Hope this helps!
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