### Question
How is the term first-time homebuyer defined?


### Answer
The term **first-time homebuyer** is defined in *26 U.S.C. § 72* as the following:

> any individual if—


(I) such individual (and if married, such individual's spouse) had no present ownership interest in a principal residence during the 2-year period ending on the date of acquisition of the principal residence to which this paragraph applies, and


(II) subsection (h) or (k) of section 1034 [4](#72_4_target) (as in effect on the day before the date of the enactment of this paragraph) did not suspend the running of any period of time specified in section 1034 [4](#72_4_target) (as so in effect) with respect to such individual on the day before the date the distribution is applied pursuant to subparagraph (A)

#### Citation:
  - *26 U.S.C. § 72*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART II-ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME**

