If you are a first time home buyer, a non-refundable tax credit of $750 can be claimed for the purchase of a qualifying home.
Most single-family homes, townhomes, condos, and apartments would meet the conditions of a qualifying home. In order to claim the credit you must intend to occupy the home, or alternatively, a related person with a disability can occupy the home as a principle residence.
Only one spouse can claim the credit if a home is jointly purchased.
To be eligible as a first time home buyer, you must not have lived in another home owned by you or your spouse in any of the preceding four years.
Posted in Tax Tips for 2016 Tax Year
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