The First Time Home-Buyer Tax Credit!!!
What makes you a FIRST TIME HOME-BUYER?
Well the Government has a very wide view of who qualifies as a FIRST TIME HOME-BUYER. It is said to be someone who has not owned a home as their PRINCIPAL RESIDENCE for the last Three Years. IF A COUPLE THAT IS MARRIED AND ONE OF THEM HAS OWNED A HOME BUT THE OTHER HAS NOT THEY DO NOT QUALIFY FOR THE CREDIT. ON THE OTHER HAND IF A COUPLE THAT IS NOT MARRIED BUYS A HOME AND ONE OF THEM HAS NOT OWNED A HOME IN THE LAST THREE YEARS THAT PERSON CAN DESIGNATE THE TAX CREDIT TO THE OTHER PERSON TO CLAIM ON HIS OR HER TAX RETURN. THE SAME IS TRUE FOR A PARENT THAT CO-SIGNS FOR THEIR CHILD. THE CHILD CAN THEN CLAIM THE FIRST TIME HOME-BUYER TAX CREDIT.
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Thomas Santore
Associate Broker
Coldwell Banker
845-590-5488
Westchester County Real Estate
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