First-Time Homebuyer Credit

[Greg]

Going through Turbo Tax this question came up. My Wife and Myself quilify for everything except for we did own a home in Canada during the past 3 years, Would this count being that it is United States Specific
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First-Time Homebuyer Credit

The first-time homebuyer credit gives you a one-time refundable tax credit of up to $7,500 ($3,750 if married filing separately) for buying a main home in the United States.

To qualify, you must:

- purchase your main home after April 8, 2008 and before July 1, 2009

- have modified adjusted gross income of $95,000 or less ($170,000 if married filing jointly)

Also, none of the following may apply:

- You owned a main home within three years prior to this purchase.

- You acquired this home from a family member.

- You are a nonresident alien.

- You are or were eligible for the DC first-time homebuyer credit for any taxable year.

- Your home financing came from tax-exempt mortgage revenue bonds.

[Greg]

It seems after reading more information on this it works very similar to HBP in Canada where you must payback over 15 years.

[nelsona]

You owned a main home already in the past three years.