Colorado Springs Vintage Homes Blog

Archive for February 22nd, 2009

Tax Credit — Who is a first time home buyer?

Colorado Springs Vintage Homes is happy to feature a great article by

Bryan Yaninek with Castle & Cooke Mortgage, LLC

 Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisers!

Part I of Tax Credit Explanation

Who is Considered a First-Time Home Buyer?

There are other scenarios to consider! This one is easy; anyone who has not owned a home within the last 3 years. If they sold a home 3 years ago, the date on the HUD 1 is the determining factor.

• For a married couple, if one person owned a home within the last 3 years and the other did not, they don’t qualify for the tax credit.
• However, if an unmarried couple jointly buys a home, and one person owned a home (within 3 years) and the other did not, they can “designate” the tax credit to that person who will be able to claim it on their individual tax return. This rule also applies for parents Read the rest of this entry »

Tags: Colorado Springs CO homes, colorado springs co real estate, colorado springs co realtor, colorado springs realty, first time home buyer, tax credit