Oct
07
can i rent a house out when I buy with the 8000 tax credit?
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I would like to buy a house with the 8000 tax credit. I would like to rent it out only for about a year or 2 and then live there after a couple years. Would I still qualify?
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6 Comments
October 9th, 2009 at 2:45 pm
NOPE>
READ the rules form 5405 instructions
October 10th, 2009 at 10:26 pm
Usually when buying a house you have to live in it for at least two years or obtain special non-owner occupied financing.
October 12th, 2009 at 12:55 pm
No. The tax credit does not apply to homes in which you will not immediately live. You must buy the home and occupy same as a primary residence for at least three years after the purchase. You are purchasing an investment property, and that is not the intent of the credit.
October 15th, 2009 at 7:58 pm
Sorry, one of the qualifications for the first time home buyer tax credit is that it remain your principal residence. So, no, you would not qualify if you plan to rent out the house.
October 18th, 2009 at 3:12 am
NO! You MUST reside/ live in the home for 3 years.
October 19th, 2009 at 12:42 am
No you can’t. The home must be your primary residence for 3 years. You can not use the 8k tax credit on investment properties.