Ask Experts Questions for FREE Help !
Ask
    johnnyb506's Avatar
    johnnyb506 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jun 15, 2012, 03:11 AM
    Permanent/main residential address for one more year since I received the 8,000 tax
    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's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    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/...206293,00.html
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

A company issued 5-year, 7% bonds with a par value of $100,000. The company received [ 4 Answers ]

A company issued 5-year, 7% bonds with a par value of $100,000. The company received $97,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is:

TAX NRA/ Foreign National gifting under $100,000 a year to US Citizen pay tax? [ 3 Answers ]

The qustion is relevant not only to tax payments but also keeping in mind that the NRA uses an account for NRA (so no SS#) on a US bank to draw checks that are deposited on a personal account by the daughter who is a US citzen. The NRA account is funded solely through foreign deposits. No...

I worked doing residential cleaning and received a 1099 for the year but was paid [ 4 Answers ]

An hourly wage, used my own car and gas to do her jobs, is this legal?

13-year-old received $22,000 in ssdi backpay, is it OK to use some of it for a car? [ 5 Answers ]

My husband has not received his back pay yet, so far just one monthly check. Due to his being disabled for over three years we do not own a car and must borrow one just to buy groceries. We know that we must report on our daughter's monthly check annually, but social security is unclear on our...

A company issued 5-year, 7% bonds with a par value of $100,000. The company received [ 1 Answers ]

A company issued 5-year, 7% bonds with a par value of $100,000. The company received $97,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is:

View more questions Search