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Hunnybee_420
Dec 15, 2010, 03:20 PM
1. I received my first time homebuyer tax credit for 2009 in good time in early 2010 no problem and just the other day I received a letter that said it was a courtesy letter and listed the restrictions behind the credit and I was just curious if that is a letter everyone receives or should I be worried about it?

2. If I was to want to rent out a room in my house but still keep it as my primary residence also, just get some help with the bills while helping a friend does that infringe upon the restrictions of not renting the house?? Because it is just one room and I would still live here too??

Please answer both inquiries to the best of knowledge, I've just spent a hour searching to find no conclusive answers!! Thanks :D

AtlantaTaxExpert
Dec 17, 2010, 02:06 PM
Do NOT worry about the letter; it is just an administrative letter sent to you by the IRS to ensure you understand the restrictions.

Do NOT worry about renting one room. Because it is NOT a separate building, the IRS does NOT track such room rentings as rental property, so you will not even have to report the rental income on your tax return.

Hunnybee_420
Dec 17, 2010, 02:10 PM
Thank you I feel a lot better :D

AtlantaTaxExpert
Dec 17, 2010, 02:29 PM
Glad to help!