Can you keep the home buyer tax credit after selling your home and moving to a new home before the 3rd year?
Can you keep the home buyer tax credit after selling your home and moving to a new home before the 3rd year?
Meaning: buying your first home this year and qualifying for the tax credit. Then, 1 or 2 years later, sell the home, and move to another home. Or are you stuck in the same home for 3 years to avoid repaying the credit?
4 Responses
Mike
30 Jan 2010
cheeseheads2005
30 Jan 2010
Correct, the rules say you must live in that house for 3 years.
acermill
30 Jan 2010
Yes, you are stuck, if you do not want to repay part or all of the tax credit, The rules are clear and explicit, You must occupy the qualifying residence for a period of three or more years after closing date to avoid any possible repayment penalty.
Stephen D
30 Jan 2010
negative ghost rider
No. You must use the home as your primary residence for the full 3 years or else pay back the tax credit.