This only applies to owner occupied residences. What if I have to move and decide to rent my house out? Would the tax credit be revoked?

It is only for first-time homebuyers. A first-time homebuyer is defined as a person that has not owned a home in over three years.

So it sounds like you would not apply for this credit.

Here is a link to the IRS explanation of the tax credit.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

You are ineligible for the tax credit in at least 3 areas. Property must be used as your principal residence for 3 years, and it cannot be used as a second home or for rental purposes.

Additionally, the home is not eligible for the tax credit if you buy the home from a close relative.

If you claim the credit and do not live in the home for 3 years, the credit must be repaid in full.

What is the exact date that the first time homebuyers credit expire? Are there going to be an extension? Do anybody have a link to this information? Thanks

This should help . . . . but I think this Credit is being further clarified/complicated on a daily basis:

$8000 1st Time Home Buyer Credit

Meanwhile Kabiru, welcome to this Forum.

It's ever changing. It's supposed to end in November,December but there are 3 bills in the House and Senate. Those options are speculation until those bills pass and are signed into law by the President.

So I would just focus on what is actual law now for your tax credit info for homebuying.

I would imagine tax credit will be extended again. It has helped some in the past couple of quarters but incentive IMO is still needed to encourage first time home buyers over the next couple of quarters to ensure path to recovery

I'm not sure Washington has the stomach or funds to extend this tax credit and its unfortunate that those buyers on the fence just think there will always be something out there for them. The tax credit opportunity ends Nov 30th. The time to buy is now folks.