Final answer:
Statement C is correct; taxpayers who acquire a home in 2015 are not eligible for the first time home buyer credit. The tax credit was temporary and not available by that year. Additionally, home buying requires considerations such as down payments, potential mortgage insurance, and the benefits of building equity and credit.
Step-by-step explanation:
The correct statement regarding the first time home buyer credit is C. Taxpayers who acquire a home in 2015 are not eligible for the credit. The first-time homebuyer tax credit was a temporary incentive provided by the federal government to stimulate home sales during the economic downturn. Its availability was limited to homes purchased before a certain cutoff date, and by 2015 the tax credit was no longer available.
For the earlier years mentioned, the home buyer credit did have repayment requirements dependent on how long the taxpayer lived in the home as their principal residence. In some cases, if the home was sold or no longer used as a principal residence within a certain timeframe, the credit would have to be repaid.
It's also important to understand the financial commitment that comes with purchasing a home. One needs to be aware of down payments, which are often 20% of the purchase price, mortgage insurance for lower down payments, and the advantages of building equity and a solid credit score through homeownership.
Therefore, the correct option is C. Taxpayers who acquire a home in 2015 are not eligible for the credit.