I purchased a home in 2010 and received the $8,000 first time homebuyer tax credit. I will be working away from home for 6 months. This is my only home and it's my primary residence. May I rent out rooms or part of the home while I am away?

ANSWER

The BIDaWIZ Team's Answer:

If you are leaving your primary residence on a temporary basis and you only intend on renting out part of the home, then you will not have to forfeit the $8,000 homebuyer tax credit that you claimed in 2010. If you rented out the whole house and this assignment was permanent, then you would have to forfeit the credit. Please also note the tax reporting requirements for rental income.