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What is the definition of a first-time home-buyer?

April 26, 2017definition first-time

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What is the definition of a first-time home-buyer?

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The new law defines first-time home buyer as a buyer who has not owned a principal residence during the three-year period prior to purchase. For married taxpayers, the law tests both the home buyer and spouse. If one does not qualify, the married couple does not qualify.