Specifics on Principal Residence for Homebuyers Tax Credit

[JamieW]

I purchased a home in mid-2009 and took the $8k tax credit available to me. I am looking at a new home purchase out of state.

I've tried to do some research to determine what I need to do to satisfy my 36-month commitment to my current residence. I would ideally close the sale of the new home after the 36 month period has elapsed, but the current owner wishes to close the sale sooner. The end of that 36-month period is very close, so I am looking to guidance on what the date of principal residence should be listed as. Most information for principle residence change do not give clear guidance on date of change outside of clearly defined examples including sales of current homes, or a more general "where you stay the majority of the year".

Also, I know that if I sell my current house, the price minus real estate fees, etc. would likely not exceed the original purchase price minus the $8k credit. However, I am concerned that my current residence may not sell for several months (possibly into next year/past tax time). If that were to happen, would I be responsible for repayment of the tax credit? If I later sold that home, would I be able to file an amended tax return to recoup that repayment?

Any help would be appreciated.

[flyingron]

One easy option is to close on the new house but retain your main residence in your current home until the earlier of 36 months expiring or the house selling.