2009 Tax Credit for First Time Home BuyersWould you like $8000 back on your taxes this year?
We've been hearing a lot of questions about the new tax credit. Who qualifies? How does it work? How long will it last? In this special edition video, weAccording to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years. Those three years are counted up to the date you take possession of the house you buy in 2009. This means that even if you’ve owned a home in the past, you can still take advantage of the tax credit as long as you haven’t purchased a primary residence since 2006.The same goes for married tax payers - they must both be first time home buyers. For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who hasn’t owned a primary residence in the past three years.Qualifying homes include: New Homes, homes that are being sold, condos & townhouses.
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