Posted on: 15th Jun, 2009 12:43 pm
If my fiance buys a condo as her first home to get the 8k tax credit and moves in with me in a year or two and rent out out the condo, will she have to repay the tax credit back. Do you have to live in the home for three years or simply own it for three years? What would be the ocnsequqnces?
Jasonrybka
Welcoem to teh forum
These are the guidign rules for $8000/- tax credit.
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
-The tax credit does not have to be repaid, if you stay in the house for atleast 3 years.
-The tax credit is equal to 10 percent of the homes purchase price up to a maximum of $8,000.
-The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
-For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse
Welcoem to teh forum
These are the guidign rules for $8000/- tax credit.
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
-The tax credit does not have to be repaid, if you stay in the house for atleast 3 years.
-The tax credit is equal to 10 percent of the homes purchase price up to a maximum of $8,000.
-The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
-For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse
Hi, You would have to live in it and own it for atleast 3 years. After that then you will not have to repay the 8k tax credit.
Yep thats correct. its been listed above