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-   -   Two residences and taxes. (https://www.askmehelpdesk.com/showthread.php?t=548466)

  • Jan 27, 2011, 01:32 PM
    MtnMojo
    Two residences and taxes.
    My son and dil bought a house in NC (2009) with the 8000 first time homebuyers credit. He is looking at a job in PA which requires relocation. The house is in both their names. If he meets the mandate of the job and relocates to PA, but the dil stays in NC with the house, can they avoid paying the 8000 back? (She doesn't want to move right now anyways).
  • Jan 27, 2011, 02:26 PM
    ebaines

    I am not aware that there is any rule that the home must be your primary residence for a minimum amount of time after it was purchased in order to keep the credit, so I don't see an issue here.
  • Jan 27, 2011, 05:48 PM
    MtnMojo
    Comment on ebaines's post
    And I quote: For the 2009 and 2010 tax credits, you do not have to repay the credit as long as you own and live in the home as your principal residence for at least three years.


  • Jan 27, 2011, 05:54 PM
    MtnMojo
    For more clarity, Form 5405 - page 2. However it doesn't address my initial question.
  • Feb 4, 2011, 11:50 PM
    AtlantaTaxExpert
    I agree with ebaines; if your DIL lives there for the required time, no repayment is required.

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