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Answers (4)
- James Johnson, "theFHAloanguy"
- Contributions:15
Both responses are correct but the forgot to mention the "move along buyer" credit. that credit is $6500 and your friend may qualify. BTW only if he hurries.
- wetdawgs
- Contributions:26834
A first time home buyer (eligible for $8000) may not have owned a home in the last three years, it has nothing to do with purchase date.
A repeat home buyer (eligbile for $6500) must have owned and lived in their home for at least five of the last eight years.
Your friend has owned a home so does not qualify as a first time buyer unless the house he owns was not his primary residence at any time (any minute) in the last three years.
A repeat home buyer (eligbile for $6500) must have owned and lived in their home for at least five of the last eight years.
Your friend has owned a home so does not qualify as a first time buyer unless the house he owns was not his primary residence at any time (any minute) in the last three years.
- Matt Tarka, "Matt Tarka"
- Contributions:16
If you are referring to the first time home buyer tax credit, the definition is as follows:
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, IRS Notice 2009-12 allows unmarried joint purchasers to 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.
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, IRS Notice 2009-12 allows unmarried joint purchasers to 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.
- HomeSand.net, "White Picture"
- Contributions:4396
FALSE!
True or False - first time home buyer may own a home if bought more than 5 years ago.
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