First Time Home Buyer Tax Credit: Part 1 of 6

This is the first post in a series of post that give some much needed details on the Federal Governments tax credit incentive to First Time Home Buyers. The six parts will answer the following questions:

• Am I Eligible?


• How does it work?


• How big is the tax credit, as a single person?


• How big is the tax credit, as a married couple?


• What about repayment?


• Are there other conditions I should know about?

If your questions are not answered by these posts, feel free to contact me directly!

Question 1: Am I Eligible for the First Time Home Buyer Federal Tax Credit?

First-time homebuyers who purchase a principal residence on april 9, 2008 and before December
1, 2009 are eligible. If you (and your spouse, if married) have not owned your principal residence
for a 3-year period before your purchase, and you have never taken advantage of the Dc first-
time homebuyer credit, you qualify as a first-time homebuyer.

Next: How does the First Time Home Buyer Federal Tax Credit Work?