Post # 1
Hello! I need a little advice…any real estate gurus out there who can help me out?
I moved into my house fifteeen months ago and got the $8000 first time homebuyer tax credit. Now that my SO and I are thinking more and more about getting married, we’re not sure what our living options will be after we tie the knot. One of the rules to not have to pay back the credit is that you must keep the house as your primary residence for 36 months. Is there anyway to ‘cheat’ on this rule? SO would like to buy a house for us to live in after we’re married…but I have a feeling that is coming sooner than 21 months from now.
Post # 3
You’ll probably need to call the CPA you had do your taxes to get the credit in the first place. They’ll be best able to direct you how to proceed to avoid having to pay it back.
Post # 4
why can’t you live in the house you bought?
Post # 5
As long as you maintain that home as your primary residence for that time you are fine. Obviously the IRS doesn’t need to know where exactly you sleep every night. However that means you can’t sell or rent out the property though.
The good thing is that if you do have to pay it back, I believe it is interest free.
Post # 6
It’s a condo…and I guess I see it as ‘my’ investment…and ‘my’ bachelorette pad. It’s hard to think of him living there too…but I’m sure we could make it work.
Post # 7
Ah yea…that’s the catch…I’d be wanting to rent it. In order for us to both have a mortgage we’d have to both have jobs. And I’m looking to start graduate school next Fall…so I suppose him moving in with me is looking like the best bet.
Post # 8
I think waiting until the 36 mos are up is the best option. =)