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Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3346
Experience:  15+ years tax preparation and tax advice.
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Im planning to buy a home for the first time. Will I get

Customer Question

I'm planning to buy a home for the first time. Will I get the $8000 tax credit if the house I purchase is tenant occupied, with lease expiring at the end of August 2010? I plan to close by April 1, 2010, but can only move into the house after the tenant moves out.
Submitted: 7 years ago.
Category: Tax
Expert:  Wendy Reed replied 7 years ago.

Hello there,


In order to take the $8000 credit, the home you buy must be your "main home". The definition of a main home is one that you live in most of the time. Using the home or part of the home as a rental does not specifically keep you from claiming the credit, but the fact that the home is not your main home during the credit availability period is not consistent with the rules for the credit. For example, if you cease to use the home as your main home during the next 36 months from purchase, you generally must pay the credit back. Therefore, if you are not using it as a main home while the credit is available (purchase date before July 1, 200) then you would not be eligible for the credit. You may want to see if you could buy out the tenant's lease (or negotiate this during the purchase) or even see if there is a way for you to live there as your main home after the purchase (sep apartment area in basement?)


Here is a link to instructions and more information about the credit: