Home Buyer Tax Credit

Q 1. Who is considered a first-time homebuyer?   

A  A homebuyer is considered a first-time buyer if all of the following requirements are satisfied:

1.  The main home is purchased in the United States, and

It is purchased after Dec. 31, 2008 and before May 1, 2010, or

It is purchased after April 30, 2010 and before July 1, 2010 and the buyer entered into a binding purchase contract before May 1, 2010 with the close of escrow before July 1, 2010.

2.  The buyer (and spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.

3.  The buyer does not satisfy any of the conditions listed in Question 3. 

(Source: Instructions for Form 5405  (rev. Dec. 2009).)

To Read More: http://www.car.org/legal/legal-questions-answers/2010-qa/homebuyer-tax-credit-update/