definition of 1st time homebuyer for credit

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  • MichaelDi09
    Member
    • May 2009
    • 44

    #1

    definition of 1st time homebuyer for credit

    I am trying to determine if the $8000 credit available to first-time homebuyers is for a taxpayer who has not purchased a primary residence in the 3 yrs prior to the new purchase date , or has lived in the home as a homeowner for the 3yrs prior?
    Appreciate any clarification.
  • JohnH
    Senior Member
    • Apr 2007
    • 5339

    #2
    See pages 11-3 and 11-4 of The Tax Book.
    It's spelled out very clearly in those paragraphs.
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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