Who is considered a first-time home buyer?
There are other scenarios to consider! This one is easy—anyone who has not owned a home within the last 3 years. If they sold a home 3 years ago, the date on the HUD 1 is the determining factor. For a married couple, if one person owned a home within the last 3 years and the other did not, they don’t qualify for the tax credit. However, if an unmarried couple jointly buys a home, and one person owned a home (within 3 years) and the other did not, they can “designate” the tax credit to that person who will be able to claim it on their individual tax return. This rule also applies for parents to co-sign on a mortgage. The parents own a home. The son or daughter is FTHB—the child can claim the tax credit. Okay, one more scenario. If the FTHB owns a vacation home or rental property, which was not used as a primary residence within the last 3 years, they may qualify but will have to be able to prove it! A non-US citizen, who meets resident-alien status (defined by the IRS Publication 519) i
