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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?

This entry was posted on Thursday, July 29th, 2010 at 3:40 pm and is filed under Business Ian. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “Can you keep the home buyer tax credit after selling your home and moving to a new home before the 3rd year?”

  1. No. You must use the home as your primary residence for the full 3 years or else pay back the tax credit.

  2. cheeseheads2005 on July 29th, 2010 at 3:40 pm

    Correct, the rules say you must live in that house for 3 years.

  3. 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.

  4. negative ghost rider

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