First time home buyer tax credit ?

Question

I am a first time home buyer (I have never bought a house before). If I purchase a house and let my brother live in it, do I qualify for the $8000 tax credit ? I live in NH and my brother lives in Florida.

Answer 1

NOPE
YOU have to live in it for years.

www.irs.gov form 5405

Answer 2

No, to be eligible for the credit, YOU have to live in the home as your main home for the next 3 years.

Answer 3

You must have an accepted offer by 4/30/10 and close on and OCCUPY the home by 6/30/10.
And you must live in the house for at least three years or the tax credit must be paid back.
If you are just allowing your brother live with you as a tenant that is OK, but it must be your primary residence.
Also there are income limits, the house must not be purchased from a relative.
The tax credit is 10% of the purchase price of the home, up to $8000.

Answer 4

No.

The purchaser (you) must move in to it immediately and live in it for at least 3 years.