I'm a potential first time home buyer. What happens with $8K tax credit if I move within 3 years.

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February 02 2010 - Tulsa
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Profile picture for wetdawgs
You give it right back to the feds.  It is not prorated, you give it all back.   (This is true even if you rent the house and it isn't your principal residence for three full years)
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February 02 2010
Profile picture for Todd Kimball
I think Chris is absolutely correct.  If you sell it or stop using it as your primary residence 36 months or before it would have to be paid back.  You can get more information on the tax credit at www.irs.gov.  If I can help with anything else please let me know.
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February 02 2010
Profile picture for UB Home Team
"Sell it or stop using it as your principal residence within 36 months, however, and you'll have to repay the entire amount of the credit as additional tax when you file your next tax return."

See IRS form 5405 for special exceptions.

Best of Luck!

Source:
Money Magazine senior editor
September 24, 2009:
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February 02 2010
 

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