Which home purchases qualify for the first-time home buyer credit?
A. Any home purchased as your principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before May 1, 2010 (with closing to take place before July 1), to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home. Normally, taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. However, a long-time homeowner can also get the credit for a qualifying replacement home purchased after Nov. 6, 2009. To qualify, you must have owned and used the same home as your principal residence for at least five consecutive years of the eight-year period ending on the date you by your new principal residence. If you make an eli
Related Questions
- My husbands parents are offering to sell us their vacation home as our first home. Would we qualify for the first-time buyer credit?
- Can I get the first-time home buyer credit if I owned a home outside the United States within the past three years?
- Which home purchases qualify for the first-time homebuyer credit?
