Skip to main content
Level 3
December 7, 2019
Solved

Must a first time homebuyer credit taken in 2008 be totally repaid even thiugh the house was condemned and destroyed in 2011?

  • December 7, 2019
  • 2 replies
  • 21 views
No text available
This topic has been closed for replies.
Best answer by IRonMaN

If it was sold at a loss there is no requirement to pay the credit back.  Sounds like if it was condemned, they probably didn't sell it for a gain.

2 replies

IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

If it was sold at a loss there is no requirement to pay the credit back.  Sounds like if it was condemned, they probably didn't sell it for a gain.

Slava Ukraini!
Level 6
December 7, 2019

You might want to look into amending the open year returns for the annual repayment.