Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

07/13/2009
Regarding the "first-time homebuyer" tax credit: Does owning a condominium count the same as owning a home?
Would you still qualify for the first-time homebuyer credit if you previously owned a condo, but not a home?
Gail Rosen, CPA:
expert info »
A condo counts as a home. You are considered a first-time homebuyer if you (or your spouse, if you are married) had no present ownership in a principal residence in the US during the 3-year period before the purchase of the home to which the credit applies.
Rosemary Ervin, CPA:
expert info »
A condo is a home. The credit is available to a buyer who has not owned a residence in the past three years. Consider this: you owned a condo that you sold on 6/30/07. You buy a new condo or house on 7/1/09. You get the credit if you meet the other qualifications.
Dorothea Bernique:
expert info »
You qualify if you have not owned a home in 3 years or more. A condo counts as a home.
Lourdes Sampera-Tsukada:
expert info »
The definition of a 1st Time Home Buyer is: any individual applying for a loan:
1. Individual (s) listed on the loan, who currently do not own a residential property (of any kind), and have not owned a home within last 3 years.
2. Individual (s) are currently paying rent and have been doing this for the past 3 years or more AND without ownership of any kind anywhere else.
Editor's Note:
The IRS "First-Time Homebuyer Credit Questions and Answers Basic Information" state, "Taxpayers who have not owned another principal residence at any time during the last three years prior to the date of purchase" are considered "first-time homebuyers."