Wednesday, February 15, 2012

Will military members have to pay back first-time home buyer credit?

My wife and I are both in the military and recently purchased a home where we are stationed. We are planning on claiming the $8,000 first time home buyer credit on our taxes. If we are given orders to move before the 3 year requirement to stay in the new house is met, will we have to pay it back? Are there any exemptions for military members? Thank you.Will military members have to pay back first-time home buyer credit?No exemptions. You pay it backWill military members have to pay back first-time home buyer credit?www.irs.gov form 5405

http://www.irs.gov/pub/irs-pdf/f5405.pdf



No military exception listed on the form 5405.

However, generally military under orders can get out of leases without penalty, etc. Check out that federal law.

Try calling the IRS to ask them, and ask More than one IRS person.Will military members have to pay back first-time home buyer credit?I am not familiar with military exemptions on the home buyers' credit

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