Discussion:First Time Homebuyer Definition
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Discussion Forum Index --> Basic Tax Questions --> First Time Homebuyer Definition
Discussion Forum Index --> Tax Questions --> First Time Homebuyer Definition
WIBadgerCPA (talk|edits) said: | 6 May 2008 |
| Publication has this
-First-time homebuyer. Generally, you are a first-time homebuyer if you had no present interest in a main home during the 2-year period ending on the date of acquisition of the home which the distribution is being used to buy, build, or rebuild. If you are married, your spouse must also meet this no-ownership requirement. Does this mean I could have owned a home previously, as long as it wasn't in the last two years in order qualify for the penalty exclusion on an IRA withdrawal? | |
| 6 May 2008 | |
| Yes - in the wonderful world of taxspeak, "first time homeowner" doesn't mean "first time homeowner." It means, "not too recently homeowner." | |
| May 6, 2008 | |
| Can my client whose ex-spouse buys him out of a home he didn't live in for 7 years be considered a first time homeowner re: the penalty exclusion if he buys a home six months after being bought out? | |
| 22 June 2008 | |
| A Condominium qualifies as a home under the same rules as a single family dwelling. | |
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