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View Full Version : Permanent/main residential address for one more year since I received the 8,000 tax


johnnyb506
Jun 15, 2012, 03:11 AM
I have to own my house in Kansas and it's suppose to be my permanent/main residential address for one more year since I received the 8,000 tax money in 2010. I want to move in August to Colorado for a job and live there. Is this possible to do without having to return the 8,000?

ebaines
Jun 15, 2012, 05:58 AM
I assume you are referring to the 2009 or 2010 first time home buyer's credit, correct? When exactly did you buy the house? If the home in KS is no longer your primary residence within 36 months of purchase you must repay the full amount. But if you sell the KS house you only have to repay the lesser of either the credit amount or your gain on the sale of the house. I suspect that with the current real estate market you may either have no gain on the sale or perhaps just a small gain, so perhaps it won't be so painful. For more info see:http://www.irs.gov/newsroom/article/0,,id=206293,00.html