First-time homebuyer; other definitions
For purposes of this paragraph—
(i) First-time homebuyer The term “first-time homebuyer” means 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 4 See References in Text note below. (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 (as so in effect) with respect to such individual on the day before the date the distribution is applied pursuant to subparagraph (A).
(ii) Principal residence The term “principal residence” has the same meaning as when used in section 121.
(iii) Date of acquisition The term “date of acquisition” means the date— (I) on which a binding contract to acquire the principal residence to which subparagraph (A) applies is entered into, or (II) on which construction or reconstruction of such a principal residence is commenced.
(i)First-time homebuyer#
The term “first-time homebuyer” means 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 4 See References in Text note below. (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 (as so in effect) with respect to such individual on the day before the date the distribution is applied pursuant to subparagraph (A).
(i)(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
(i)(II)#
subsection (h) or (k) of section 1034 4 4 See References in Text note below. (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 (as so in effect) with respect to such individual on the day before the date the distribution is applied pursuant to subparagraph (A).
(ii)Principal residence#
The term “principal residence” has the same meaning as when used in section 121.
(iii)Date of acquisition#
The term “date of acquisition” means the date—
(I) on which a binding contract to acquire the principal residence to which subparagraph (A) applies is entered into, or
(II) on which construction or reconstruction of such a principal residence is commenced.
(iii)(I)#
on which a binding contract to acquire the principal residence to which subparagraph (A) applies is entered into, or
(iii)(II)#
on which construction or reconstruction of such a principal residence is commenced.