The word "owned" is pretty clear. If you held a title or a deed in your name to, or paid a mortgage on, any piece of residential real estate within the past thrree years you don't qualify.
If you meet all of the rules to qualify for the homebuyers credit YES. The FTHBC is a Refundable credit and when the credit amount is more than your total income tax liability, the excess amount will be refunded to you.
The key here is this. Is the second purchase your PRIMARY residence? If you live in the home 24/7...not a vacation home...you use this address for your mail and primary residence, then it IS your primary residence. That fulfills the obligation in the rules for the tax credit.
Proof of residence to qualify for amnesty includes school identification cards, school records, transcripts, leases, and affidavits from credible persons or witnesses.
You have to be a first time home buyer with a closing date after April 8, 2008 and before December 01,2009. It has to be your primary residence. There are income phase outs and not everyone will qualify. You can file an amendment on you 2008 tax return or wait until you file you 2009 tax return to claim your credit. If owned a primary residence at any time during the three years before the date of purchase you do not qualify for the credit. You cannot claim the credit before there is a completed sale and purchase of the residence. For more information visit the IRS website http://www.irs.gov/newsroom/article/0,,id=206291,00.html
Yes, you qualify for the widow exemption on your taxes.
For a refund? NO! This type purchase does not qualify under the Cooling Off Period Law.For a refund? NO! This type purchase does not qualify under the Cooling Off Period Law.
How do I find out if I qualify
Your Income - Subtract the expenses = Your new Principal + Interest Payment. This does not include your escrow.
To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.
There are multiple assistance programs available to home buyers that may not qualify for a conventional loan due to bankruptcy. You may visit http://portal.hud.gov/portal/page/portal/HUD for more detailed information on these programs.
In a span of three years mainly, from 2008 to 2010, a person may qualify for the First Time Home Buyer Credit if they had bought primary residence from that year.
If it is your main home primary residence and you meet all of the rules that have to be met for this purpose.You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010.If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010.Go to the IRS.gov website and use the search box for First-Time Homebuyer Credit