Stacey-Ann's Blog

head_left_image

Real Estate Terms - First Time Home Buyer

We hear the term first-time home buyer a lot.   However, I gets lots of question as to who exactly counts as a first-time home buyer.

Federally

To qualify for the 2009 first time home buyer $8000 tax credit a person must not have had any ownership interest in a home the three years previous to the DAY of the 2009 sale.  This means that if you had owned a home in the past but sold it 5 years ago, you would qualify as a first-time home buyer.

If you own rental property you may still qualify if you have not owned a property considered to be your principal residence in the preceeding 3 years.

If you have never owned a home but your spouse does and you decide to buy a home in 2009 you may still not qualify as a first-time home buyer for the purposes of the tax credit since the IRS has stated that neither the tax-payer nor his/her spouse can have had ownership interest in a home in the preceeding 3 years. 

Maryland

To qualify in Maryland as a first-time home buyer a person must never have owned in Maryland residential property that has been the purchaser's primary residence.  First-time home buyers in Maryland are exempt from certain real estate transfer taxes.

If you are interested in learning about being a first time home buyer and some of the many benefits of home ownership give me a call 240-481-3565

If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery,  Charles, Calvert, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of Century 21 New Millennium.

 

Search Homes for Sale

 


Donations made to charity with every successful closing!


Dr. Stacey-Ann Baugh

Century 21 New Millennium

www.LiveinPGCounty.com

staceyannbaugh@gmail.com

240-481-3565 (C)

202-546-0055 (O)

 

FINALLY!  A DOCTOR WHO MAKES HOUSE-CALLS!

 

Information deemed reliable but not guaranteed! 

 

 

 

Comment balloon 2 commentsDr. Stacey-Ann Baugh • July 08 2009 08:25AM

Comments

This is excellent information, Stacey-Ann, and I plan to re-blog it for my outside blogs. 

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) over 9 years ago

Hi Margaret - thanks for reblogging this.

Posted by Dr. Stacey-Ann Baugh, A doctor who makes house calls. (Century 21 New Millennium) over 9 years ago

This blog does not allow anonymous comments