Question for u real estate folks..

[JFW2006]

I bought my house 2 yrs ago an got the first time home buyers credit...says i have to live here for atleast three years before selling or ill have to Pay all the money back i received..well i was recently given some land and im wanting to build a house there but got to sell this one first is there any way around having to pay that money back if i sell before the 3 years is up?

[ntzhunter]

We had the $8k credit too. We had to stay in 3 yrs. We researched and couldnt find a way out of it, good luck!

[MudHog]

[JFW2006]

Ive payed enough taxes i figure that its not "free" money as u claim..im not a democrat im a honest hard workin white man that dont want a damn thing handed to me boss..ive worked for everything ive got...they offered this an i took it an put deposited it straight into savings where its still sitting so if i sell right now id gladly write a check an pay it back and far as the land goes i have another house to live in so thats no problem...i was just askin a simple question.

[eSJay]

Simple answer.
Since you qualified for & accepted the $8,000 first-time homebuyer credit, it must remain your principal residence for at least 36 months or you'll have to repay the entire amount of the credit as additional tax when you file your next tax return.
I'm guessing you signed off on that at some point so not sure why the confusion.

See this form to find out if you meet the exceptions.
http://www.irs.gov/pub/irs-pdf/f5405.pdf

[jdbuckshot]

[420 racin]

[jacksbuddy]

[slew]

I belive you said, I;m a not a democrat, I;m a hard working white man that don;t want a damm thing handed to me. I guess that is except for the 8000 you took and the land you say you were given,

[mtp4]

PM sent

[RiverDuck]

Damn, yall ease up on the dude!

A simple no, would have worked...

[MudHog]

[Taint]

Rough on the guy! Yea that tax credit was bonus but I imagine the guy does pay his fair share of taxes and will continue unlike a lot of the population and see it as since he does pay taxes that 8k probably came out of his pocket too and why not get some of the money back that he pays for so many other fockers! I am sure 95% of people, including me, maybe, have manipulated the tax system in some way......" So called business dinners that get written off, a little extra mileage here and there, little bit bigger office space in the house....etc. That stuff adds up.. So everytime that happens, tax payers money is getting dispursed unfairly as well. Just a thought, made since at the time I was writing it.

[ducknbuck1]

Do the right thing.. Either stay another year or pay the $8,000 back

[JFW2006]

So i have lived there for two years an wana sell but trien to not have to pay the WHOLE $8000 back an that puts me in the wrong?