As a part of the Housing and Economic Recovery Act of 2008, a First-time Homebuyer Tax Credit is now available. 

You would think that a First Time Home-Buyer would be someone that has never bought a home before, but that doesn’t appear to be the case.

A first-time homebuyer is someone who has not owned his/her principle residence for a 3-year period before the date of purchase, and someone who has never taken advantage of the DC first-time homebuyer credit. In the case of married couples, both must be first-time homebuyers.

Here is a summary of the Tax Credit provided by the National Association of Realtors (NAR).  There is also a helpful Frequently Asked Questions that has been put together by the NAR.  If you have any questions, let me know.  Please speak with a Tax Advisor to make sure you qualify.  Information regarding the Tax Credit Summary, deemed accurate, but I am not guaranteeing it, since I didn’t write it.