Ask Experts Questions for FREE Help !
Ask
    MtnMojo's Avatar
    MtnMojo Posts: 3, Reputation: 1
    New Member
     
    #1

    Jan 27, 2011, 01:32 PM
    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).
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #2

    Jan 27, 2011, 02:26 PM

    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.
    MtnMojo's Avatar
    MtnMojo Posts: 3, Reputation: 1
    New Member
     
    #3

    Jan 27, 2011, 05:48 PM
    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.


    MtnMojo's Avatar
    MtnMojo Posts: 3, Reputation: 1
    New Member
     
    #4

    Jan 27, 2011, 05:54 PM
    For more clarity, Form 5405 - page 2. However it doesn't address my initial question.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #5

    Feb 4, 2011, 11:50 PM
    I agree with ebaines; if your DIL lives there for the required time, no repayment is required.

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!

Paid internship no taxes being withheld from paychecks. What taxes am I liable for? [ 3 Answers ]

I graduated college in May, 2010 and have accepted a paid intership through December 31, 2010. I am getting paychecks every two weeks for the amount of hours worked with no taxes being withheld. What taxes am I liable for?

Can I buy a used car in GA and pay GA taxes without paying taxes in my home state [ 1 Answers ]

Can I buy a used car in GA and pay GA taxes without paying taxes in my home state?

Filing Federal Taxes Jointly and State Taxes Separately [ 1 Answers ]

My husband and I are both on Active Duty in the Military, and we were married in May of this year so this will be the first year filing Jointly. Is it sensible to file joint federal taxes and separate state taxes this year (Wisconsin and Maryland) even though we are both stationed and living in...

NY & NJ two residences, married 12/07 [ 1 Answers ]

Hello Tax Expert, I am in a complicated situation and need your help to decide how to precede with my NY state tax return. Your help is greatly appreciated!:confused: I am a NY resident for tax purposes (H1b visa). I married a New Jersey resident in December 2007. We both love our jobs and...

Early Withdraw - 401K Taxes Paid vs. Taxes Owe [ 7 Answers ]

Last year I took a early withdraw from my 401k last year after leaving my job. I had 30% withheld for Fed. Taxes. I am getting ready to have my taxes prepared. I have several questions. 1. Was 30% enough? Does 10% penalty still apply? 2. I live in the state of IL. Will I owe state taxes? ...


View more questions Search