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If I owned a home 4 years ago how can I be a first time home buyer? Some clarity about the $8000 tax credit

March 1st, 2009 · 2 Comments · first time home buyers, Tax credit for first time home buyers in Macomb County MI, tips for home buyers

Brian Powers, a real estate agent in Chesterfield Township, brought up a good point about the $8000 home buyers tax credit that was recently passed by President Obama.

He and I both feel that this tax credit would be less confusing to future home buyers in Macomb County MI and elsewhere if they would stop referring to it as the “First time home buyers” tax credit.

Some clarity:  The definition of “first time home buyers” to the government is if you haven’t owned a home in the previous 3 years.

An example: You owned a condo or a house 3 1/2 years ago, sold it, moved back home with Mom & Dad or into an apartment, and are now interested in purchasing a home and receiving the tax credit – you meet the qualifications for the tax credit in regards to the “first time home buyer” clause.

We need to get the word out about this as there is much confusion amongst potential home buyers as to whether they qualify for this 1st time home buyers tax credit of up to $8000.   That’s quite a bit of money to leave laying on the table because a home buyer didn’t know they could still qualify for it.

If you have any questions about this part of the tax credit, or any other part of it please don’t hesitate to call or email me.  No pressure – just conversation.

~Kris Wales~  A Macomb County MI real estate agent

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2 responses so far ↓

  • 1 Anthony // May 8, 2009 at 2:49 pm

    I own a house in PA but I live with mom and dad in VA. I have a tenant in my home in PA but I have not lived in a place of my own for over 5 years. Would I qualify for this refund if I were to go out and try to buy a home now or because I still own the home I wouldn’t?

    Thank you.

  • 2 Kris Wales // May 9, 2009 at 9:10 am

    Anthony, from what you are describing I believe the answer is no, you wouldn’t qualify for the first time home buyer tax credit. (You own a home now) My opinion only- as always, check with your accountant or tax expert. There could be a clause that I don’t know about in the tax credit language.

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