The Federal Tax Credits Blog

Posts Tagged ‘principal residence definition tax credit’

Question: Do I qualify for the 1st time home buyer tax credit?

While going through a divorce I moved from my home 8/1/06 (I have a signed lease for my new residence) and it sold 03/31/07. Since this was not my primary residence after 8/1/06, it appears I would qualify for the $8k tax credit if I purchase a new home after 08/01/09 this year? In reading the definition of 1st time homebuyer in the stimulus bill, it states “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.”

Answer: It sounds like your primary residence became a secondary residence after 8/1/06 therefore you did not own a primary residence after that point. After 8/1/09 you may qualify for the tax credit if you buy a primary residence after 8/1/09 and before 12/1/09. Here are some FAQ about the credit for more information:

http://www.federalhousingtaxcredit.com/2009/faq.php#2

Ohio Executes Man Who Killed Two at Warehouse

Prison officials say 38-year-old Roderick Davie died by lethal injection at 10:31 a.m. Tuesday.

New Markets Tax Credit (NMTC) Basic Overview