8000 tax credit for new home buyers, what if you rent your house out?

Question

I've lived in my home for a year, and I want to rent my house out for about 6 months, from my understanding this tax credit has to be paid back regardless.  How will this affect me?

Answer 1

You are CONFUSED>
There were two First Time Homebuyers Credits:
The $7500 credit must be repaid over 15 years.
The $8000 credit does not have to be repaid, unless you move out of your house, sell it, rent it, etc.  And then it is NOT a case of paying just $500 back a year, it's a case of paying it all back NOW.
www.irs.gov  form 5405

BTW:  It's NOT that easy to rent out a house for just 6 months.

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Answer 2

If you stop living in it as your main home, you have to pay it back.  See the current form 5405 to see how it's handled.

Answer 3

The Tax credit expired April 30th unless you are Military  http://www.federalhousingtaxcredit.com/

Answer 4

this 8k is not a loan.
the credit is against what  you might owe