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If you live in your home for less than three years, you may be required to pay back all or a portion of the first-time home buyer tax credit that you received.

Repayment of the credit will be required if you sell the home, or if you convert it to a rental property or business-use property. You must repay the entire credit on the tax return for the year that it ceased being your main home.

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Is a joint mortgage needed for joint ownership?

Not necisarily. If you are married and the house was bought after the marriage then no. If you are married and the house was bought before the marriage and the person that did not originaly buy the house made one payment on it or you had a joint account that the payments came out of, then they are half owner. If you are just living together with no marriage, then the house it the person's that bought it, but you have to be carful of common law marriage.


Do you have to add your spouse to mortgage for refinancing if the house was bought before the marriage?

No


What if your son bought a house you are paying for the renovations and you plan to sell it and split the profit Should you form an LLC or pay capital gains tax?

At this time your son owns a house and you are paying for the renovations to your sons house and if and when the house is sold your son will have to report the sale of the renovated house on his 1040 income tax return. You do not have anything to do with the ownership of this house at this time. If you and your son are planning on this being a ongoing business operation then you and he should get the operation set up correctly the way that you both agree to do this. When you have any profits someone has to pay the income taxes and it may not be capital gain taxes.


What is a sentence using the word broker?

The broker saved us a lot of money when we bought our house.


How much would you have to finance if you bought a 52500 house with a 10 percent down payment?

47,250 A+

Related Questions

Can you keep packages wrongly delivered to your house?

No, it is not legal to keep packages that are wrongly delivered to your house. You are required to make a reasonable effort to return the package to the correct recipient or the sender.


Which sentence is correct- John and you bought a house or You and John bought a house?

John and you bought a house


Your package was delivered at 913 this morning NOT at your house were did they deliver?

I would go back to the website you bought from and see if you can check resent purchases and see if the address they shipped it to is right.


Where do I return a package to Publishers Clearing House?

Publishers Clearing House 720 Winners Circle St. Cloud MN 56399 This is the return address which appears on the outside of the package in the event that it is to be returned by the post office. **Please note that PCH sends out their packages/invoices with Delivery Confirmation so be sure to send your package with delivery confirmation to be sure that it has been received.


How do you get a package without your parents knowing?

Get the Package delivered to a friends house and pick it up from there


Has there been a situation where the wrong package was delivered to my house?

Yes, there have been instances where the wrong package was delivered to a house due to errors in the delivery process.


What does the Victoria House wedding package include?

The Victoria House wedding package is offered as a destination wedding in Belize. The package includes the wedding license and minister fees, a small cake, flowers, bouquet, and boutonniere.


Where to have a package shipped that you do not want to come to your house?

Your friends house, your workplace etc.


Do you ever get any options for more house upgrades after you have bought everything?

If you have 3 house upgrades and have bought everything you can't upgrade your house again


Has someone's package been delivered to my house?

To determine if a package has been delivered to your house, you can check the tracking information provided by the sender or contact the delivery service for confirmation.


Can you sell a house you bought in YoVille?

No once u bought it, then its yours to keep.


What was the name or the house that Shakespeare bought in Startford?

Shakespeare had a house that he had bought and was called New Place. It was one of the largest houses in the town.