This question comes to us from  "Alan from White Plains, NY", Alan asks:

"What are the requirements for me to take advantage of the first-time homebuyer tax credit?"

The IRS definition of a first time homebuyer may be different than you think. If you’ve not had any ownership interest in a home three years prior to your purchase in 2009, you may qualify. There is also an income restriction however, and it is based on the tax filing status of the purchaser.

If you’re filing Form 1040 as Single or Head of Household, you are eligible for the tax credit provided your income is not greater than $75,000. If you’re a married couple that files a joint return you are eligible as long as your income is not greater than $150,000.

Keep in mind that this tax credit is for purchases made between January 1, 2009 and December 1, 2009. You should also consult with your accountant if you have further questions about your eligibility. For more information about the tax credit, please visit: http://www.federalhousingtaxcredit.com.

Thanks for your question!