Posted on: 02nd Jan, 2011 08:33 am
I bought a house using the $7500 tax credit in 2008. Now I would like to transfer the title to a family member who is over 65 years old. What's its effect on the repayment of the $7500 tax credit?
Welcome yangtwn,
As far as I know, if the property ceases to be your principal residence within 36 months of the date of purchase, then you're required to repay the credit at the time the income tax return for the year when the home ceased to be your principal residence becomes due.
As far as I know, if the property ceases to be your principal residence within 36 months of the date of purchase, then you're required to repay the credit at the time the income tax return for the year when the home ceased to be your principal residence becomes due.