$8000 firstime homebuyer credit repayment

deppydep · #1 (**permalink**) 12-21-2011, 06:59 PM

I purchased my house in November 2009. Got $8000 credit. My company forced me to move to its headquarter and I might have to rent my house out. I knew I would have to repay the $8000 credit to Uncle Sam. Any strategy to avoid repaying the credit? Any advice would be appreciated. Thanks

Wnhough · #2 (**permalink**) 12-23-2011, 05:48 AM

“I purchased my house in November 2009. Got $8000 credit. My company forced me to move to its headquarter and I might have to rent my house out. I knew I would have to repay the $8000 credit to Uncle Sam. Any strategy to avoid repaying the credit?”------->I guess there is no way to avoid it. The obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence. Repayment of the full amount of the credit is due at the time the income tax return for the year the home ceased to be your principal residence is due. Please visit he IRS website here: First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009 or 2010

deppydep · #3 (**permalink**) 12-23-2011, 01:15 PM

Quote:

Originally Posted by Wnhough

“I purchased my house in November 2009. Got $8000 credit. My company forced me to move to its headquarter and I might have to rent my house out. I knew I would have to repay the $8000 credit to Uncle Sam. Any strategy to avoid repaying the credit?”------->I guess there is no way to avoid it. The obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence. Repayment of the full amount of the credit is due at the time the income tax return for the year the home ceased to be your principal residence is due. Please visit he IRS website here: First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009 or 2010

Thanks. If I stay more than 6 months in 2012, then turning into rental property, can I avoid paying those credit back?