First Time Home Buyer -($8,000) Required Time to Hold Before Selling?

[zeros]

Client purchased a home and claimed the FTHB of $8,000. She now wants to sell. What is the time restriction as to how amount of time she needs to hold it without having to pay some back?

[rtsietsema]

When was it purchased?

You would need to know when the home was purchased, then read The Tax Book page 11-11 for your answer.

[zeros]

Purchased 10/30/09

You would need to know when the home was purchased, then read The Tax Book page 11-11 for your answer.

Purchased October 30, 2009.

[TaxprepP]

Purchased October 30, 2009.

Qualified 2009 homebuyers do not have to repay the credit provided the home remains their main home for 36 months after the purchase date.