How to keep from Leaving $8000 at the Closing Table
1. Who can get the tax credit ? If you are a first-time home buyer purchasing a new home or a resale-you are eligible for the tax credit. The purchase must take place on or after January 1, 2009 and before December 1, 2009 to qualify for the tax credit . As it applies to the tax credit, the purchase date is the date when the home closes and the title to the property transfers to the home owner. 2. What is the definition of a first-time home buyer? The tax credit law defines a "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. If you are married, both spouses cannot have owned a home. For example, if you didn't own a home but your spouse did, you do not qualify. For unmarried purchasers, the credit amount can be given to any buyer who qualifies as a first-time buyer, for instance, if a parent jointly purchases a home with a son or daughter. If you owned a vacation home or rental property not use...