First time home bayer requirment:

Asad H
Home Buyer
Tempe, AZ

I would like to know if you live one city and like to buy a home another city as first time home owner, would I quilafied the $8000 tax credit as first time home owner?

Answers (6)
Courtney Cooper
Broker
Seattle, WA

There are other guidelines and rules about this credit, but moving from state to state should not affect whether or not you qualify for the credit. If you meet other requirements such as income cap and not owning a primary residence for the last three years among other criteria then you qualify. I would consult a tax professional to find out if you specifically qualify given your specific circumstances.

Sun Jun 21 2009, 14:37
Kary L. Krismer
Agent
Renton, WA

There are limitations on the availability of the credit, beyond just having not owned a house within a certain period. For example, assuming Bill Gates had been renting the past three years, he would not get the credit because of his income.

You should always consult a tax advisor about these types of situations.

Sat Jun 20 2009, 05:57
Eric Larsen
Agent
Alameda, CA

As long as you have not owned a home in the last 3 years you quailfiy for the tax credit. For all the information view my blog. Good luck with everything

Thu Jun 18 2009, 09:10
Rob Graham Real...
Agent
Seattle, WA

Asad,

If you currently own your home, you would not qualify for the credit in another town or state. If you currently rent, you would qualify for the credit if you purchase a primary residence in the United States and have not owned a home in the past three years.

Rob

Thu Jun 18 2009, 07:36
Kary L. Krismer
Agent
Renton, WA

As long as you would qualify as a first time buyer in the city you currently live in, I don't see any reason you wouldn't qualify in any city. But if you own a home in city one, you wouldn't qualify in city two.

Thu Jun 18 2009, 06:26
Bill Eckler-Flo...
Agent
Venice, FL
FIRST ANSWER

Asad,

As long as you are purchasing a home that is your primary residence, not an investment property or second home, the incentive will apply regardless of the cities location. Of course you must qualify as a first time home buyer.....

Good luck

Thu Jun 18 2009, 04:12

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 155
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback