Date posted: July 7, 2009
I'm purchasing a two-family home in September. I have never owned a home before. Can I qualify for the first-time homebuyer credit?
I'm purchasing a two-family home in September. I have never owned a home before. Can I qualify for the first-time homebuyer credit?
— Submitted by Roger
It depends. Assuming you meet all the requirements for the credit (e.g., your modified adjusted gross income does not exceed set limits and you close the sale on the home before December 1, 2009), you can qualify for the credit related to the portion of the home that is your principal residence. The IRS has said a credit can be claimed even though you report rental income and expenses on the rental portion of the home on Schedule E.
