The Real Deal Miami

Homebuyer’s tax credit explained

August 17, 2009 05:22PM

A $8,000 tax credit for first-time homebuyers — the concept sounds simple enough. But as a RE/MAX video shows, confusion over this term abounds. A first-time homebuyer, for example, isn’t only someone who’s never owned a home. As one real estate agent in the video explains, “somebody who hasn’t owned a principal residence in the last three years” qualifies. The upshot of this RE/MAX bit? Do your research before assuming you know the ins and outs of the homebuyer’s tax incentive.