First Time Home Buyers $8000 Tax Credit Dilemma ?

[Mark Weinstock]

Trying to figure out what my best option is here's the situation

Own a small 3 2 home in south Florida in my name for almost 20yrs because I've owned for so long my taxes are extremely low around $800 a year.

All homes in the development are the same. A county tax search shows resent purchased properties in that development people paying as high as 3-4K taxes a year for exactly same house I own

Last year I bought a foreclose property put it in my sons name to collect the $8000 first time credit. Living in the foreclose property now plan is to rent the old place out.
Once i rent it i loose my homestead.

Florida has a property tax portability law that allows you to carry a percentage of your old homestead exemption from one house to another. Since I lived in the old house so long I have a lot of portability built up that i want to port over to the new house next year just trying to fiqure out the best way i can do it

Problem is the house in my kids name and the first time home credit rules say the property has to stay in my sons name for 3 yrs or have to pay the 8K back Once I rent the old place I loose 20yrs of portability

That's my dilemma looking for the best possible solution ?