What is a “first time homebuyer” anyway?
It might not be what you think. The $8,000 first time homebuyer tax credit provided for home purchases in 2009 has a few definition wrinkles that include more people in the incentive than I originally thought. According to the IRS newsroom website, a first time homebuyer is anyone that has not owned a home in the last three years or had a home destroyed by a natural disaster. Its confusing. Maybe they should have called it "the $8,000 recent homebuyer tax credit". Anyway, there are quite a few terms and qualifications. Here is a link to some information that I pulled from the IRS newsroom site: LINK TO IRS NEWSROOM. Anyone making a purchase might want to check it out.