Can I rent my house out after receiving tax credit?

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Can I rent my house out after receiving tax credit?

I bought a new home almost 30 months ago and recieved the $8,000 tax credit. I only have 7 months left on the 36 month period I am supposed to keep the house as my main residence. I need to rent it out because the mortgage payment is to much for me.

Asked on August 10, 2012 under Real Estate Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

So it was a 2009 purchase?  It is my understanding that is you do stop using at your primary residence before the 36 months (3 year) then you have to repay the credit.  I would speak with your lender about possibly trying a modification or refinance.  Good luck. 


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