I am a first time home buyer that closed earlier in 2009 will I qualify?

2 ANSWERS

1. Guest12739853
   

   My question had nothing at all to do with if I am a first time home buyer... I most certainly am a first time home buyer. It has to to with the income limits. The law had a max income limit of 95k which I am over. It was now increased and I am under. I want to know if the income limit will go back to the beginning of the year.

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2. Ali Abdullah
   

   HI, 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. Thanks

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