Buyers Who Received The $8,000 Tax Credit….When Can You Sell?
For those of you who first-time buyers who bought a property during 2009 and 2010 when you were eligible for the $8,000 tax credit, there are some things you need to know as you approach that 3 year mark.
The credit was yours to keep if you maintained the property as your principal residence for 36 months from your date of purchase (closing date). Meaning, if you bought your property on April 15, 2009, you must live there until April 15, 2012, otherwise you’ll have to repay part or all of it.
Now that you’re nearing the 3 year mark, your options for those properties are:
-You can use them as a rental property
-You can sell them and move on to something else
But whatever the date of the lease is or the date of the closing of your sale, it must be at least 36 months later to the DAY.