If one received the $8000 First-Time Home Buyer's Tax Credit, how long must he wait to sell the house?

3 years is correct..

3 years

It's a minimum of 3 years. However, 3 years from when can be problematical. 3 years from date of purchase may be 'official,' but if it is within 3 tax years, you can expect a thorough inspection of your return and a high probability of an audit. So if you closed in, say, 2009 and it was on your 2009 taxes filed in 2010, you had best consider waiting to sell until 2013 after you file 2012 taxes. If you sold in 2012, that year's return would likely be audited. Keep your paperwork and be very, very careful. There was a great deal of fraud involved with that homebuyers tax credit, and the IRS has gotten very sticky & persnickety about it. Better to be safe than sorry.

you have 2 innovations to get the 1st Time homestead client's credit (FTHBC). one million) Amend the 2008 tax return or 2) contain it with your 2009 tax return. The substitute to the homestead purchasers credit on 11/06 demands that the request for FTHBC contain a replica of the contract assertion. on the same time as the IRS have been taking sixteen-20 weeks to pay the credit, wait situations have been appreciably shorter at the instant. And to report the 2009 tax return, you will might desire to have all your tax information. W-2s oftentimes arrive the very final days of January to the 1st couple of days in February. another varieties of information might take until mid-February to reach. So, once you declare the FTHBC relies upon on in case you may wait until next year to get carry of the money, or in case you opt to pass forward and get the ball rolling.

3 years. Ignore the tax year answer. It is 36 months from buying it.