Primary Residence

You can only have one primary residence at a time. Simply declaring to the world that your new home is actually your primary residence isn't quite enough. You actually have to live there for a majority of each year. In general, when you sell your home and it is your primary residence, you can exclude from federal income tax $250,000 (if you are single, or $500,000 if you are married) of the profits from the sale of the home. But you must have used the home as your primary residence for two out of the last five years. Learn more about what it means to have a primary residence.

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Who Qualifies For First Time Home Buyer Tax Credit?

Who qualifies for first time home buyer tax credit? Some relationships fall under different first time home buyer qualifications. If you have never owned a home, but your spouse owns a home, you probably will not qualify for the first time home buyer tax credit. The first time home buyer tax credit qualifications are very strict. Unmarried first time home buyers will have to split the first time home buyer tax credit.

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