When can I move out of a house purchased in 2009 under the first-time home buyer's program and not have to repay the credit?

Asked over 2 years ago - Augusta, GA

The house was purchased on 12/27/2009. I see that the IRS says that the credit must be repaid if the house ceases to be your "main home " or "principal residence" within 36 months after the purchase of the house.

But how are "main home" and "principal residence" defined by the IRS?

Attorney answers (1)

  1. Elmer H. Young III

    Contributor Level 15

    Answered . I think you are misinterpreting this information. There is no "free pass" releasing you from liability on this debt just because you move out. I would pay a good bankruptcy lawyer for a conference.

    I am an attorney, practicing throughout the state of Georgia, but primarily in the areas around Augusta,... more

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Credit

Credit is an agreement between a borrower and a lender which allows the borrower access to money without having to pay it back immediately.

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