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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11147
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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In 2010, I claimed/received the FTHB credit 2010 purchase.

Customer Question

In 2010, I claimed/received the FTHB credit for a 2010 purchase. After marrying in May 2014, I ceased using the home as my primary residence (I still own it, and it is not used for business -unoccupied). Since I used the home as my primary residence for more than 36 months, do I have to repay the credit?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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That's right, it's the 36 month piece that relieves you from having to repay the credit.

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See this from IRS (pertinent section underlined)

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You purchased your home in 2009 or 2010

Generally, you must repay the entire credit for the year you sell the home or it is no longer your main home. There are some exceptions to this rule, however, and you do not need to repay the FTHBC for a home you purchased in 2009 or 2010 if it remains your main home for the three years after the purchase.

Expert:  Lane replied 1 year ago.

Hi,

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I'm just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Lane

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