If I sell half my property, do I have to pay back the First Time Home Buyer Credit?

[Freeman W.]

I bought a house I'm hoping to tear down and replace with two town homes (my street is zoned for this). I intend to sell one side and live in the other. Since I am retaining ownership of half the property, do I have to pay back the $8000 first time home buyers credit?

[Steven Hamilton II]

Freeman,

It will not matter if you offer it for rent or sell it. Bottom line the three years has to be met before ANYTHING else can be done.

-Steven the Tax Guy