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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13119
Experience:  15years with H & R Block. Divisional leader, Instructor
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We took advantage of the 2008 tax credit and began repaying

Customer Question

We took advantage of the 2008 tax credit and began repaying it. In july 2011 we purchased an additional home because we were unable sell our first home and rent out our first home. Do we have to repay the entire credit now or can we still do the instalments?
Submitted: 4 years ago.
Category: Tax
Expert:  Robin D. replied 4 years ago.

Robin D :

Hello and thank you for using Just Answer.
If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. I wish I could advise differently.
Thank you in advance for clicking ACCEPT.

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