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Old 01-29-2009, 01:52 AM
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What is the IRS definition of a first-time home buyer?

The IRS tax code specifically 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, unfortunately, neither you nor your spouse qualifies for the first-time home buyer tax credit."

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