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My client purchased a home in 2010 and received the Homebuyers credit. She just sold the home and purchased a new home. Does she have to return some of the first time homebuyers credit?

pt1943pt
Level 1
 
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5 Comments 5
Just-Lisa-Now-
Level 15
Level 15

Maybe.   Did you fill out the 5405?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
dkh
Level 15

Here is information regarding First Time Home Buyer Credit that will help  

https://www.irs.gov/pub/irs-utl/oc_fthbc_lookuptoolfinal.pdf

also on the Home Sale Worksheet at the very top is check box for repayment of FTHBC when home is sold

TaxGuyBill
Level 15

2010?  No repayment of the credit now.

 

abctax55
Level 15

Gain or a loss?

HumanKind... Be Both
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abctax55
Level 15

Bill - good memory.  I forgot that for all but one of the years (I think...maybe two?) that you didn't have to repay it.

 

HumanKind... Be Both