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Level 1

Question

If I haven't owned a home in 3 years, am I a first time home buyer ?

Forum|Forum|6 years ago
June 30, 2020
2 replies
4 views

If I haven't owned a home in 3 years, am I a first time home buyer ?

TurboTax Premier Online

Level 11

No.

If you have owned a home at any time after you were born, and you are buying a home now, you are not a first time home buyer.

Level 15

It depends on what you are trying to do.

For example, if you want to take money out of your IRA to buy a house and avoid the 10% early distribution penalty, your are a "first time home buyer".

"The definition of 'first-time home buyer' in this case is broader than you might think. You qualify as a first-time home buyer so long as you had no ownership interest in a main home any time within two-years before the date you acquire your new home."

Reference: https://www.nolo.com/legal-encyclopedia/using-ira-make-house-down-payment.html#:~:text=If%20you%20qualify%20as%20a,income%20tax%20on%20the%20withdrawal.