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I took the 8K for buying a home this year, but one thing I did not think of as it says I must live in my home for 3 years, what happens if I get orders to leave, do I still have to repay it back or do I get to keep it, any help would be great.
However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions (http://www.federalhousingtaxcredit.com/2009/faq.php - broken link)
My suggestion would be to go sit down with an accountant. He may charge you a nominal fee but it will be worth the money. If you do please report back what he says. I will give mine a call on Tuesday and see what he says and repote back his answer. Do this before you leave to SC.
I think if you sold it before the 3 you would have to repay the money, on the other hand if you got orders and had to move I think you could get away with renting it out for a while until you hit the 3 year mark anyway.
Can you rent the home out and not let them know? A lot of military rent their houses out to avoid capital gaines, I know your situation is a little different but I would try renting it. Try this site www.militarybyowner.com
We looked into this because we have that what if we get orders thing too. You have to live in the house for 36 months. Which also means you cannot rent it out. If the US gov't gives you orders and you move your family (because they do give you DLA), they will find out and still ask for the 8K back.
Trust me, I've looked for the loop holes and there's not one.
If you get orders to deploy and your family still lives in the home, you do not have to pay it back. If you get PCS orders and leave the area before the 3 years are up, they will get it back.
Thank you, I thought that is how it worked thats why my wife and i talked about going GEO Bach, if need be, but I am really trying to stay in the same area, so we shall see.
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