One of the most popular question I have been receiving regarding the 8000 dollar first time home buyers tax credit is:
Do I qualify as a first time home buyer?
With different housing stimulus packages the federal government has defined the first time home buyer differently. What’s important to you however is what is the criteria for a first time home buyer with the latest tax credit.
The answer is simple and a little bit more lax than just someone who has never owned a home before. You can actually have owned a home in the recent past and still qualify for the first time home buyers tax credit.
Here’s the straight answer:
A first time home buyer is defined as anyone whom has not owned a principal residence in the last three years.
So if you have sold your home and been renting for the last three years you will qualify as a first time home buyer.
One word of advice however. Always check with a tax professional before taking any advice about the 8000 dollar tax credit from the internet.
Happy Home Hunting,
Scott
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