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Speak to your tax preparer to be certain about your individual circumstances, but timeshare ownership should not affect your ability to purchase your “first” home, as far as tax and local credits are concerned. The homebuyer credits are usually based upon not having owned your primary residence for the previous 3 years … so unless you have been claiming the timeshare address as your primary address, it should not be considered.
You can get more information about the federal credits here: http://www.irs.gov/newsroom/article/0,,id=187935,00.html Local agencies offering credit should have similar Q and A sites.
Does a timeshare prevent us from qualifying for the first time home buyer incentive? Thanks