How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephen G. Your Own Question
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6181
Experience:  Extensive Experience with Tax, Financial & Estate Issues
30050794
Type Your Tax Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

Hi, I bought my house in 2009 and received a First-time home

This answer was rated:

Hi,
I bought my house in 2009 and received a First-time home buyer credit.
This past year (2011), I have rented my house for around 60 days and I am afraid that, if I report this, I will have to repay my credit.
Is this correct?
Thanks!

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

You didn't convert your home to rental property did you?

Stephen E. Grizey :

What were the circumstances surrounding the rental? Where did you live during the 60 days?

Stephen E. Grizey :

Is the home still your principal residence?

Customer:

Hi, yes, the house is my principal property

Customer:

i just traveled for work or to go back to where my parents live, Argentina

Stephen E. Grizey :

You don't have to pay back the credit because the home is still your principal residence & you resided in it for the greater number of nights during the year. A temporary rental does not convert the property to rental property.

Stephen E. Grizey :

Please remember to "ACCEPT". Feedback, if you have time & bonuses where you think they are warranted are always most appreciated. I'll be happy to answer any follow-up questions you may have.

Customer:

Thanks!

Stephen G. and other Tax Specialists are ready to help you

Related Tax Questions