You would need reside on property for 3 years. Most homeowners live on a property from 3 to 5 years. You need close on home by 11.30.09 title transferred in your name as of 12.01.09 tax credit no longer applies UNLESS there is an extention UNDETERMINED if that will take place

If you have any questions confer with CPA would have answers.

Keep in mind you receive annual tax benefits owning any home

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D,

Most answers to commonly asked question about the 2009 tax incentive program can be found on the following website:

http://www.federalhousingtaxcredit.com/2009/faq.php

The short answer is - if you get it, you don't have to give it back.... not until the government raises your taxes to pay for all of these bailouts... Sooner or later, we will be paying the Piper.
DannyT@kw.com

You do not have to pay it back if you maintain it as your primary residence for at least 3 years, but will have to pay it back if you can't or don't maintain it as your primary residence for 3 years.

People think they get $8000 at closing and run. Not true.

Dbreitung,

It is correct that you will have to stay in the home for a minimum of three years in order to avoid any payoff of the $8,000 tax credit.

Of course, that is assuming you've qualified and claimed the tax credit correctly. The IRS just announced a serious audit of 100,000 people who had claimed the tax credit, so it is something to be aware of. You may not have to pay any of the tax credit back, but you'll want to be sure your previous filings were in order as well.

The IRS has been quite serious with this tax credit (can you blame them - they've given out a lot of money and opened up a door to all sorts of fraud), so you'll just want to be sure you review everything with a financial advisor in order to be sure you're filing for the credit properly and that your past returns look good as well.

http://agentgenius.com/g-rants-insanity-more/real-estate/800…
(A great article at AgentGenius written by Lani Rosales about this recent news.)

If you are thinking of taking advantage of the tax credit, you might want to get moving. Many agents and lenders fear that the last minute rush may result in people missing the tax credit by a day or two. You must close on the home on November 30th at the latest and any last minute glitches that might cause you to have your closing date moved by a day or two could result in you not being eligible for the credit. As well, lenders are going to swamped in the last few weeks of November, so the likelihood of them having a backlog that prevents you closing on time increases.

Hope that helps!

Matt Stigliano, Realtor®
RE/MAX Access
(210) 646-HOME
http://www.RErockstar.com
"Your all access pass to San Antonio real estate."

Patrick is correct off his statement made. Most homeowners usually stay in home for at least 3 - 5 years, keep in mind you do receive annual tax benefits owning any home.

Confer with CPA for additional information

Not if you live in the house for 3 years. If you sell before that you will have to pay part or all of it back.