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Military and FTHB credit

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    #1

    Military and FTHB credit

    My military man got the $7500 loan and this year, will be shipped to HI for a few years.
    He will either sell or rent the house here.

    If he converts it to a rental, it is my understanding that the loan will be completely due and payable on the 2010 tax return, even though he is military.

    If he sells it, he does not have to pay it back.

    Am I right, or is there some break for the conversion to rental for military deployed?

    Thanks!
    "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey
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    #2
    There are some specifics for military in this situation. You could probably google military FTHB.
    Tell him he will love Hawaii.
    Believe nothing you have not personally researched and verified.

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      #3
      My own post

      I googled it and my post came up!

      The other posts just talked about the extension for military.

      I know he will love HI! Glad to hear it from you as well!
      "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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