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?

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?

Augusta, GA -

Attorney Answers (1)

Elmer H. Young III

Elmer H. Young III

DUI / DWI Attorney - Augusta, GA
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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