The frequently asked question about the new federal tax credit for first time home buyers is “does it have to be repaid”? The answer isn’t exactly a cut and dry and yes or no.
What the government has defined as a first time home buyer is misleading in my opinion. It’s actually a big bonus because it really isn’t just for first time homebuyers.
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.
Find out details of NEW Tax Credit updated as of Feb. 2009
When you are ready to search for a home in the Tampa Bay Area visit our website! You can search homes for sale anywhere in Pinellas, Pasco and Hillsborough Counties. Save your favorite properties and schedule showings.
For questions you may contact us via email or call 813-784-7744.
Leave a Reply
You must be logged in to post a comment.