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Category: Credits

Who cannot take the First Time Homebuyer Credit?

If any of the following describe you, you cannot take the credit, even if you buy a main home:

  • The price of the home is more than $800,000.
  • Your modified adjusted gross income is $145,000 or more ($245,000 or more if married filing jointly)
  • You cannot claim the credit for any year for which you can be claimed as a dependent on another person's tax return.
  • You (and your spouse if married) are under age 18 on the date of purchase.
  • You are a nonresident alien.
  • Your house is located outside the United States.
  • Neither you nor your spouse (if married) was on qualified official extended duty outside the United States as a member of the uniformed services or Foreign Service or an employee of the intelligence community.
  • You acquired the home by gift or inheritance.
  • You acquired your home from a related person.
  • You acquired your home from a person related to your spouse.
  • You purchased a home in 2012 or 2013.