First Time Home Buyers who acquire an eligible qualifying home can claim a non-refundable tax credit of up to $1,500. This is calculated by multiplying $10,000 by the lowest federal personal tax rate of 15% (as of 2024).

Qualifying homes include:

• single-family houses
• semi-detached houses
• townhouses
• mobile homes
• condominium units
• apartments in duplexes, triplexes, fourplexes, or apartment buildings

Note- shares in a cooperative housing corp also potentially qualify depending on the specific situation.

What is a First Time Home Buyer?

This is an individual did not, in the current year or the 4 previous calendar years, live in a principal place of residence that either they owned or jointly owned, or their current spouse or common-law partner owned.

For more information please contact the professionals at Connect Live CPAs

250-924-4242 or Denise@ConnectLiveCPAs.com