What does a taxpayer have to do to qualify for the First-Time Homebuyer Credit?

To qualify for the First-Time Homebuyer Credit, the taxpayer must meet specific criteria, the foremost being that they have never owned a home. This provision is designed to assist individuals or families who are entering the housing market for the first time, thereby encouraging homeownership among those who have not previously benefited from homeownership tax advantages.

The credit is primarily focused on first-time purchasers, making it clear that previous ownership disqualifies a taxpayer from receiving the benefit. This aligns with the intent of the program to stimulate the housing market by making it more accessible to new buyers.

While being a veteran or purchasing a property under market value may offer other benefits or programs, they do not core requirement for this specific homebuyer credit. Employment verification, while important in various financial and loan processes, is not a criterion for this tax credit. Thus, having never owned a home is indeed the essential qualifying factor for the First-Time Homebuyer Credit.