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Sept 18th Rally: Car-pooling, Group Reservations for Air travel, hotel etc. This forums is for threads that are pertinent to Sept 18th rally. If you want to carpool to DC, travel by Air and looking for group reservation for cheaper rates with other members in your city, group reservation for Hotels, rental cars etc, please put threads here and then communicate with local IV members.

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Old 01-30-2009, 11:44 AM
PresidentO PresidentO is offline
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Priority Date
:
Aug-02
Category
:
EB3
I140 Mailed Date
:
04/11/2007
Chargeability
:
India
Processing Stage
:
I-140+I-485
I485 Mailed Date
:
02/07/2007
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Join Date: Jan 2009
Posts: 112
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Quote:
Originally Posted by sledge_hammer View Post
Totally rubbish!

The rule is that if you had owned a home more than 3 years ago, and haven't owned one in 3 years, then you qualify for this credit.

He does not qualify for the credit because he still owns the old house!
I goofed up. I read it wrong.

What is the definition of a first-time home buyer?
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. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
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