Legal Question in Real Estate Law in California

I am interested in learning if I qualify for the $8,000 First Time Buyer Tax Credit. I am closing escrow on a house prior to December 01, 2009. I did own a home as a joint-tenant until 2007, but it is also stated in www.federalhousingtaxcredit.com that the law defines "first time home buyer" as a buyer who has not owned a "principal" residence during the three-year period prior to the purchase. I never lived in the home I owned. It was never my "principal" residence and the IRS has me on record as my rental property as my "principal" residence for the past seven years.

Can you please let me know if I qualify? Thank you, Ed


Asked on 10/20/09, 11:15 pm

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

The web site you refer to directly states in "frequently asked questions" that a rental property not used as a principal residence does not disqualify the person from being a first time home buyer. So you appear to qualify for the program. But if you still are unsure, check with the federal agency that handles the program.

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Answered on 10/20/09, 11:44 pm


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