The 2009 first time home buyer tax credit for $8,000.00 states that one must live in the residence for 36 months or be forced to repay the credit. Does anyone know if there is a special provision included for military members that receive PCS orders. I am afraid to claim the credit until I have an answer on this. Any help would be much appreciated.
I know for CA, that you don't have to pay the $8000 back. I bought my house last year and I was offered $7500 interest free for 15yrs. I have to pay it back in installments of $500 a year. You can't beat that. Have you looked at the state websites?
Originally posted by 4910388: The 2009 first time home buyer tax credit for $8,000.00 states that one must live in the residence for 36 months or be forced to repay the credit. Does anyone know if there is a special provision included for military members that receive PCS orders. I am afraid to claim the credit until I have an answer on this. Any help would be much appreciated.
Have you heard if you can purchase a house in your home state of record and claim the tax credit? Haven't heard for sure about your situation, but I'll ask a friend of mine - she's military and is about to buy a house.
The Tax credit from last year of the $7,500 has to be repaid. The one for $8,000 now in place only has to be repaid if you sell the home within 36 months of ownership. I could not find any military exclusions to it. I would not avoid buying a house because of it. If you think you aren't going to own the home for 3 years then you should first off, consider the costs of homeownership vs. renting and evaluate your long term financial plans. Your worst case scenario is that you buy a home, take the tax credit, and then have to pay it back. It still works out as nothing gained or lost.
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