Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
2010 First T-H-B Credit Question
We bought our house on March 12 2010, obviously I know that we have to own the house for 3 years before selling in order to keep the Credit.
My question is can we still rent it out before then? The sites that I have visited didn't really explain it that much. And I haven't had a chance to visit our local realtor.
Married 04.23.07
Hayden born 11.18.07
BCP - March 08' -Feb. 09, Aug. 09' - Nov. 09'
TTC #2 since Dec 09'
10mgProvera :: 50mgClomid :: 75mg Gonal :: 112mg Gonal :: Ovidrel(trigger) :: Femara 2.5 mg
TTC Blog
<a href="http://s686.photobucket.com/albums/vv228/adburgett23/?action=view
Hayden born 11.18.07
BCP - March 08' -Feb. 09, Aug. 09' - Nov. 09'
TTC #2 since Dec 09'
10mgProvera :: 50mgClomid :: 75mg Gonal :: 112mg Gonal :: Ovidrel(trigger) :: Femara 2.5 mg
TTC Blog
<a href="http://s686.photobucket.com/albums/vv228/adburgett23/?action=view
Re: 2010 First T-H-B Credit Question
Not only do you have to own the house for 3 years, but it has to be your "primary residence" or "main home" during that time. So no, I don't think you can rent it out.
ETA: ...as long as the home is still your "main home" and you rent part of it, but stay there also as your "main home", you can keep the credit.
http://www.irs.gov/pub/irs-pdf/i5405.pdf
Are you united with the CCOKCs?
Are you united with the CCOKCs?
This part isn't true. You need to repay the credit when you file your taxes for that year. So if it fails to be your primary residence in 2012... Then you would claim that when you file your 2012 taxes (in early 2013) and the credit would be due then.
Op- there are very helpful FAQ's on IRS.gov to help but you could also talk to a CPA. If you sell at a loss then you don't have to payback the credit. If you sell for a gain you have to repay the gain up to $8000 (or whatever your credit was). I can't imagine most people would be ableto sell for a gain after 2 years when takin into account realtor fees, etc so talk to a CPA face to face. Not all realtors understand the tax laws surrounding these transactions.
Hayden born 11.18.07
BCP - March 08' -Feb. 09, Aug. 09' - Nov. 09'
TTC #2 since Dec 09'
10mgProvera :: 50mgClomid :: 75mg Gonal :: 112mg Gonal :: Ovidrel(trigger) :: Femara 2.5 mg
TTC Blog