Comments on: First-time Homebuyers Avoid Repayment of Tax Credit http://www.home2mn.com/first-time-homebuyers-avoid-repayment-of-tax-credit/ "I'm not #1....YOU are!" - (612) 834-1444 Linda Johnson Realtor Minneapolis Wed, 16 Jun 2010 04:29:53 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Linda Johnson http://www.home2mn.com/first-time-homebuyers-avoid-repayment-of-tax-credit/comment-page-1/#comment-157 Linda Johnson Tue, 09 Mar 2010 01:25:56 +0000 http://www.home2mn.com/first-time-homebuyers-avoid-repayment-of-tax-credit/#comment-157 Ed, It is my understanding that you probably have not started to pay back the $7500 because the repayment is not due until 2 years after you took the credit on your 2008 return. When you do sell the home, the total amount would be due, but there are special situations in which you may not have to such as no profit from the sale. My suggestion is to consult a tax professional who is well-versed in this ruling. This link to the IRS site may also include some of the details you could be interested in: http://www.irs.gov/newsroom/article/0,,id=186831,00.html Thank you and I wish you all the best in getting your home sold. Ed,
It is my understanding that you probably have not started to pay back the $7500 because the repayment is not due until 2 years after you took the credit on your 2008 return. When you do sell the home, the total amount would be due, but there are special situations in which you may not have to such as no profit from the sale. My suggestion is to consult a tax professional who is well-versed in this ruling. This link to the IRS site may also include some of the details you could be interested in: http://www.irs.gov/newsroom/article/0,,id=186831,00.html

Thank you and I wish you all the best in getting your home sold.

]]> By: Ed Barnas http://www.home2mn.com/first-time-homebuyers-avoid-repayment-of-tax-credit/comment-page-1/#comment-154 Ed Barnas Sun, 07 Mar 2010 15:15:42 +0000 http://www.home2mn.com/first-time-homebuyers-avoid-repayment-of-tax-credit/#comment-154 Bought home and took $7,500 credit on 2008 return. Changed jobs in fall of 2009 and moved to parents home 200 miles from purchased house, which is for sale, but not yet sold. Is it necessary to pay back the whole $7,500 with the 2009 return, or do I wait until the home is sold, to find out whether there is a gain or loss? Bought home and took $7,500 credit on 2008 return. Changed jobs in fall of 2009 and moved to parents home 200 miles from purchased house, which is for sale, but not yet sold. Is it necessary to pay back the whole $7,500 with the 2009 return, or do I wait until the home is sold, to find out whether there is a gain or loss?

]]> By: Julie A http://www.home2mn.com/first-time-homebuyers-avoid-repayment-of-tax-credit/comment-page-1/#comment-58 Julie A Mon, 03 Aug 2009 00:53:15 +0000 http://www.home2mn.com/first-time-homebuyers-avoid-repayment-of-tax-credit/#comment-58 I purchased my home in May 2008 as first time home buyer and rec'd the credit. Do I have to take any steps when filing 09 taxes to avoid repayment or is this just automatic? Thanks so much. I purchased my home in May 2008 as first time home buyer and rec’d the credit. Do I have to take any steps when filing 09 taxes to avoid repayment or is this just automatic? Thanks so much.

]]>