First Time Home Buyers Credit Question (2008)
I live in FL and purchased a home in May 2008 and filed for the first time home buyer's tax credit ($7500) with my 2008 return (filed jointly with the husband). After we did this, they changed the tax so in 2009/2010 you didn't have to repay it back if you lived in the home for 3 years. We were thinking about renting out the home, or even selling it at a loss. Would we be required to pay the full $7500 back in either of these scenarios? Or is there a way stop paying it back now before we even make a decision?
