We got the $8000 new home owner tax credit but now we have to relocate for my husband’s job.?

Regan: We got the 00 new home owner tax credit but now we have to relocate for my husband’s job.?
So my question is, do we have to pay the money back, if so how long to do have to pay it back? We are considering keeping the house and renting it out, does that change things? We would not buy another house right away in our new location either. Thanks!!

Answers and Views:

Answer by Steve D
Since the address that you are renting out is no longer your primary residence, you no longer qualify for the home buyer’s tax credit. Pay back is supposed to be immediate (next tax filing) but a call to the IRS could probably get you a payment schedule.

Answer by Nnnnn Ggggg
Yes you have to pay it back (even if you rent out the house), and you would have to pay it with your next taxes.

Answer by Judy
Whether you sell it OR convert it to rental property, if it ceases to be your main home yes you have to pay it back, on your tax return for that year. This assumes it’s not a military transfer.

Answer by Billy Cunningham
you will have to pay it back cause it has not been three years.

Answer by Landlord
You have to pay it back if you rent the place out too. You will pay the 8k back when you do your 2010 income tax return.