Question
Do I qualify as first time home buyer?
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?
3 weeks ago - 7 answers
Best Answer
Chosen by Asker
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.
Source(s)
by burger
3 weeks ago
Asker's Rating: 
Other Answers
No! 1st time home buyer means just what it says!
by Common Sense-try it!- 3 weeks ago
CONGRATS! You qualify!!
by Ryan M- 3 weeks ago
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.
by jmac- 3 weeks ago
Yes, as long as you are talking about closing dates you would qualify.
by Landlord- 3 weeks ago
Yes
by Realtoratheart- 3 weeks ago
yep!!!!!!!!! it's been 3 years.
by real estate guy- 3 weeks ago